UK shoppers are set to tighten the purse strings in the Boxing Day sales this year after retailers bagged a record performance over the Black Friday weekend.
Brits are expected to spend £3.7bn in post-Christmas sales this year, £200m less than in 2018, according to new figures from Barclaycard.
The research revealed that four in 10 UK adults will take part in the Boxing Day sales, spending an average of £186 each.
Men are set to shell out the most, at £231 per person, while women expect to spend an average of £141.
But the figures reverse a recent trend of rising sales, after transactions rose 4.8 per cent in 2018 compared to the previous year.
It follows a record-breaking year of sales during the increasingly popular Black Friday period, when spending rose 12.5 per cent on last year, according to Barclaycard data released earlier this month.
“Despite Boxing Day remaining a key moment in the retail calendar, savvy shoppers have been planning their large purchases throughout the entire festive sales period, which begins long before December,” said Rob Cameron, chief executive of Barclaycard Payments.
“Our data for Black Friday and Cyber Monday revealed a huge jump in transaction volumes this year, so it’s not surprising that consumers expect to have less money to spend after Christmas, so retailers need to take that into account.”
The Boxing Day bonanza could also round off a tough year for brick-and-mortar retailers, with 60 per cent of shoppers making the majority of their purchases online.
Meanwhile, the UK’s experience economy continues to enjoy a boom, with half of Brits looking to spend more on discounted activities, such as tickets for events and entertainment. This figure rises to 64 per cent among millennials.
Sustainability could also play a role in the declining sales, with 62 per cent of shoppers intending to make fewer purchases due to environmental concerns.
Cameron said: “Our research shows that shoppers are increasingly thinking about how their purchases impact the environment.
“Forward-thinking retailers should be making a conscious effort to demonstrate their commitment to sustainability, in order to boost their appeal – and their revenue.”