Shoppers are expected to have spent £150m this weekend in the West End alone.
And retailers expect to take up to £300m before Christmas, according to the New West End Company.
Footfall has also risen by 6.7 % from 2013, it said.
Tuesday between 1-2 pm is set to be the busiest hour on the busiest shopping day across Britain, according to the credit card provider Visa.
Londoners are expected to spend around £150 million this weekend beginning on 'panic Saturday' as shopping days before Christmas dwindle.
The New West End Company predicted the retail takings, and said that footfall in the West End this morning was up 7.1% year on year.
Daily Christmas carol performances begin on the evening of Monday December 8 around the Christmas tree in Trafalgar Square.
More than fifty groups will take part between now and December the 23rd. They will be raising funds for voluntary and charitable organisations.
The focal point of the performances is the Christmas tree, which has been a gift from the people of Norway to Londoners every year since 1947. It is seen as a token of gratitude for Britain's support for Norway during the Second World War.
Carol performances will take place from 4-8pm on weekdays, and 2-6pm at weekends.
Over 60,000 children in the capital are facing Christmas homeless this year, according to a new report from the charity Shelter.
The charity has found that the number of families living in B&B's and in shared housing has almost doubled in the past three years.
More than half of those families also say their children's mental and emotional health has been affected by their living situation.
Some children are facing a commute of up to two hours to get to school because of their living arrangements.
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Around four million Britons will be heading overseas for the Christmas break, with those staying behind in London and the South East having to contend with packed roads and disrupted rail services.
The peak days for those flying off to foreign climes are expected to be December 20-22, said travel organisation Abta.
It added that the most -popular destinations for sun lovers were the Canary Islands, Tunisia, Morocco and the Cape Verde Islands off western Africa.