Shoppers are expected to spend less at the Boxing Day sales as households are squeezed by the high cost of living.
Credit card firm Barclaycard predicts that the average person is set to spend £229 in the post-Christmas sales, £18 less than last year.
Bargain-hunters could also face disruption from further rail strikes which is likely to cause a build-up of traffic around shopping centres.
The AA forecasts that 15.2 million cars will be on the roads during the day.
The motoring organisation said: “Traffic is likely to build around shopping centres as lots of people seek a bargain in the sales. Meanwhile, football fans will travel to see their teams.”
Celebrated a day after Christmas, Boxing day, despite what the name suggests has nothing to do with the sport. The holiday which began as a day to give gifts to the poor is now celebrated as a ‘shopping holiday’.
It became official in 1871 and was traditionally recognised on December 26. However, if that day falls on a Saturday, the celebration moves to the following Monday and if the date falls on a Sunday, the holiday is celebrated on the following Tuesday.
Boxing day originally began in the United Kingdom and supposedly got its name during Queen Victoria’s reign and is now celebrated in several countries across Europe as well as countries and former British colonies, New Zealand, Canada, Australia, and so on. The day is also marked by a bank holiday or a public holiday in these countries with stores offering Boxing Day sales which are often compared to the United States’ Black Friday sale.
In the UK as the country faces the highest inflation in decades and a cost of living crisis, a survey by Barclaycard Payments, found that shoppers are expected to spend four per cent less this Boxing Day when compared to last year. Reportedly, a person is expected to spend at least 229 pounds ($276.2) this year which is 18 pounds ($21.7) less than in 2021.
Harshna Cayley, head of online payments at the credit card company while attributing the estimated low sales to the cost of living crisis and inflation also said, “retailers can take confidence knowing that shoppers still plan to make the most of the deals and discounts on offer.”
The survey also estimates that at least 28 per cent of people may use re-selling platforms like eBay and Facebook Marketplace to get rid of some unwanted Christmas presents. Meanwhile, research by GlobalData for Vouchercodes, estimates that spending on Boxing day will hit almost 3.8 billion pounds ($4.6 billion) which is also four per cent lesser than last year.