£3.6bn Boxing Day blitz

MILLIONS of bargain hunters are today setting out on a £3.6billion Boxing Day spending blitz.

- BY GRAHAM HISCOTT Business Editor and LEVI WINCHESTER Money Editor

High street stores and retailers are geared up for bumper business as many launch their post-Christmas sales or ramp up offers, with prices slashed by as much as 70%.

But the predicted spend is down sharply as the ongoing cost of living crisis continues to bite. Barclays' £3.6bn forecast is less than the £4.6bn estimate last year, and £4.7bn in 2023. Although it reckons the average shopper today will spend £253, compared with £236 in 2024, the bank believes just 26% aim to buy anything, down from 28% on last Boxing Day.

Some 69% of people quizzed by the bank said cost pressures will impact their spending this year, up sharply from 47% a year ago.

Traditional Boxing Day sales have lost some significance, with many shops cutting prices ahead of Christmas and November's Black Friday bargains.