High street spending is set to reach £1.2 billion today as festive shoppers hit the stores on "Panic Saturday".
Thirteen million consumers will spend £2.1 million for every minute the shops are open on last-minute gifts and groceries at an average of £92.31 per person, according to a report by the Centre for Retail Research (CRR).
Retail expert Carmel Allen has told Daybreak that "shopping behaviour online has changed."
"When we first started shopping online price was the imperative thing and now it's very much, can I take it back? Is it easy to return?"
Retailers in the United Kingdom are expected to lose £1 billion over Christmas as a result of shoplifting and dishonest employees. Daybreak's Katy Fawcett reports.
Retailers in the United Kingdom are expected to lose £1 billion over Christmas as a result of shoplifting, dishonest employees and vendor or distribution losses, according to a new study released today by the Centre for Retail Research.
The report, funded by an independent grant from Checkpoint Systems, suggests that the losses incurred by the retail industry over this period could add an extra £38.09 to each UK family's shopping bill.
The report found that UK retailers could lose £522 million through shoplifting, £431 million through employee theft, and £47 million through vendor and distribution losses.
In total, the losses could represent a 3.4% per cent increase over the same period last year.
- Amazon.co.uk have predicted that Cyber Monday will be its biggest single day, with orders set to peak at 9.20pm.
- Marks & Spencer also said it was prepared for what it expects to be its busiest day of the year.
- Online analyst Experian expects UK consumers to make 115 million visits to retail websites on this year's Cyber Monday, an increase of 36% on last year.
- Asda Direct says it is expecting to see a 50% spike in traffic to its electronic equipment retail section, compared with a normal Monday.
- CD sales are also expected to increase by 70%, while some popular DVD titles are due for a 50% rise, the retailer said.
- John Lewis have reported a record week for its online sales, soaring to £37.9 million, and the third best ever week for John Lewis department stores, topping £124.2 million.
High street retail giants, including Tesco, Sainsbury's and Topshop, have called for Sunday trading laws to be relaxed on December 23 to give stores a financial boost, reports the Daily Mail.
The busiest shopping day on the high street often falls two days before Christmas Day, with the weekend of December 22 and 23 expected to draw peak numbers of shoppers this year.
A combination of pay day for the majority of consumers falling on the last Friday of the month and a weekend spent browsing the shops results in shoppers logging on to buy their gifts online on the subsequent Monday, a Visa Europe report has found.