Accountants PwC have released research revealing that 76 per cent of high street shops are now offering sales or money-off promotions as retailers prepare for “mayhem” on the high street in the weekend leading up to Christmas. This compares with 69 per cent of retailers last week.
The figures reflect the expert predictions of a last-minute rush to begin Christmas shopping the weekend before Christmas Day, with around 17.2 million expected to visit high streets on Christmas Eve.
Jace Tyrrell, of the New West End Company, which represents Oxford Street, Regent Street and Bond Street in London, told the Telegraph that she expected a million people in the three streets in the next three days, spending more than £100 million.
The average reduction is around 44 per cent and retailers offering money-off deals include Debenhams, which is now giving up to 50 per cent off on Christmas gifts, and Boots, which has a ‘three for two’ offer on selected toys and gifts. Argos is also offering up to half price on hundreds of toys.
Colin Edwards, an economist at the Centre for Economics and Business Research told the Telegraph that online retail “continues to grow in importance” and this is putting pressure on high street retailers to offer better deals in the run up to Christmas.
According to the Office for National Statistics, this year internet sales accounted for almost 11 per cent of all purchases in November, the highest proportion since records began in 2006.