Surge in spend expected at West End this Christmas Eve weekend

Retail

Despite growing Brexit uncertainty and a drop in consumer confidence, it looks like shoppers in London’s West End are set to spend big this Christmas eve weekend. Shoppers buying last-minute gifts over the three days before Christmas are expected to splurge 186 million pounds at London’s West End, according to New West End Company.

The Christmas spend is expected to be on par with 2017, as a number of Christmas Eve weekend deals are likely to be on offer across Oxford Street, Bond Street and Regent Street with some expected to slash their prices by up to 50 percent. The weekend’s footfall is set to increase by 15 percent compared to an average weekend.

Earlier in the festive season, New West End company predicted a spend of 2.5 billion to be spent over the eight week Christmas trading period.

186 million pounds to be spent in London’s West End this weekend

Commenting on the predictions in a statement, Jace Tyrrell, Chief Executive of New West End Company, said: “This year the last weekend before Christmas falls on the 22nd and 23rd, this is the second busiest weekend in the lead up to Christmas after Black Friday and make or break for many retailers.

“We are anticipating that the 24th being a working day will result in more people staying in the city, and for in-store sales to reach 186 million pounds for those three days [22nd, 23rd and 24th December] alone.

“2017 was one of the strongest Christmas trading periods we have seen in nearly a decade, and while retailers are facing stronger economic headwinds this year, London and the West End have remained resilient. As such we would expect sales over the Christmas eve weekend to be roughly in line with 2017 totals.”

While many UK high streets are struggling with challenging retail conditions, London’s West End seems to still be benefiting from big spenders. Earlier this month, Global Blue revealed that international visitor (non EU) spend on Bond street has risen by 4 percent year-on-year in the 10-month period from January to October 2018, compared to the same time in 2017. In October 2018 the average spend on Bond Street was up by 13 percent.

In November, New Bond Street was named the most expensive shopping street for retail rent in Europe and the third most expensive in the world, according to the 30th edition of the Cushman and Wakefield annual report.