Barclays shares £253 warning to Brits shopping the Boxing Day sales this year

26 December 2023 , 08:40

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Barlcays says the average Brit will spend £253 in the Boxing Day sales this year (Image: SOPA Images/LightRocket via Getty Images)

Barclays has issued a £253 warning to Brits looking to bag a bargain in the Boxing Day sales this week.

Research from the high street bank reveals that shoppers will likely spend more money in sales this year despite the cost of living crisis. In total, Barclays says the average shopper will part ways with £253 in the festive sales - this is the highest total seen in four years. Across the UK, those participating in the sales are expected to spend nearly £4.7billion overall.

The average spend for this year sits at £24 higher than what shoppers spent last year where the average spent came to £229. It is also £67 more than pre-pandemic which saw the average shopper spend £186.

According to Barclays Consumer Spending Index, households are feeling more optimistic about their finances with 66% of respondents feeling "confident" about them. This is the highest level since August this year where it sat at 67%. One third - or 34% - of respondents cite the earlier start to the seasonal sales period as a motivator for spending, so as not to miss out on the best deals.

Deals shoppers are most drawn to were found to be fashion items such as clothes, shoes and accessories – appearing on one in three (34%) wish lists. Skincare, beauty and make-up are also in high demand appearing on 23% of Boxing Day lists - this is a rise from 15% last year.

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Meanwhile, appetite for food and drink such as chocolate and wine is in strong demand sitting at 22%. Personal tech products also feature heavily on wishlists at 19% however this has fallen by 23% since last year when tech goods featured on 42% of wishlists.

If you are browsing the sales this year you should only buy what you plan to. Money and finance experts - including Martin Lewis - frequently advise UK shoppers to not be tempted to buy something just because it's cheaper as if you were not going to buy it in the first place, then you will be overspending.

Karen Johnson, Head of Retail at Barclays, said: “Retailers will be encouraged by a strong end to the year’s ‘golden quarter’. While Boxing Day remains the most popular day to start bargain-hunting, retailers are no longer putting all their eggs in one basket and are instead spreading out their discounts to boost ongoing demand – very similar to what we saw with early Back Friday deals in November.

“The earlier start means that some retailers will be in the fortunate position of having sold out of sales stock by early January, so we may see Spring products on shelves sooner than expected."

Ruby Flanagan