High street retailers are discounting heavily, as they struggle to match last year's Christmas sales. The New West End Company, which represents 600 retailers in 25 streets including Bond Street, Regent Street and Oxford Street, says it's hoping to bring in £20 million on the last day of shopping before Christmas.
A combination of mild winter weather and early discounting has left tens of thousands of retailers struggling in the run-up to Christmas. Retail expert Richard Hyman said 72% of the high street was already on sale, adding that he had "never seen anything remotely like it" over more than 30 years' analysis.
However figures from VoucherCodes.co.uk and the Centre for Retail Research suggests 22 million shoppers are expected to spend £3.74 billion on Boxing Day - a 6% increase on last year. In unexpectedly good news for the high street, the research predicts that 78% of total Boxing Day transactions are set to take place on the high street.