- 34 million transactions will take place, up 7% on 2013
- Shopping will peak in the lunch hour break between 13.00 – 14.00
- Over £1 in every £3 in the UK is spent on a Visa card, making this data the most reliable indicator of trends in consumer spending
London, December 2014: Shoppers will make 34 million transactions two days before Christmas as Visa Europe predicts spending on the UK high street to peak at £1.3 billion on Tuesday 23rd December. Spending is predicted to rise 6% and transactions 7% from 2013.
Consumers are forecast to spend an average of £916,667 per minute or around £15,278 per second on their Visa cards on the 23rd, in a final trip to buy gifts, food, drink, decorations and party bits ahead of the festive period. Transactions are expected to peak between 13.00 and 14.00 when workers use their lunch break to head to their local high street.
Despite the rise of Black Friday, which saw high street spending of over £1 billion this year, Visa’s data predicts that the busiest shopping day will continue its pattern of falling two days before Christmas. Overall, the seven day period before Christmas Day is predicted to see a 7% increase in spend and an 8% increase in transactions from the same period in 2013.
Kevin Jenkins, Managing Director UK & Ireland at Visa Europe, said:
“Black Friday kick-started Christmas on the high street and online this year but the busiest bricks and mortar day will likely remain in its traditional slot close to Christmas. Retailers’ multi-channel approach should cause a surge in footfall from click-and-collect sales too, with the opportunity for further shopping in-store when consumers arrive.
“Across Tuesday 23rd December we are likely to see £1.3 billion spent in total. Lunch hour should prove the most popular time for a shopping trip, either for last minute gifts or final ingredients for Christmas dinner.”
As £1 in every £3 in the UK is spent on a Visa card, Visa Europe has unrivalled data to provide insight into consumer spending. Visa bases its predictions on up to the minute spending data and Christmas spending trends from previous years.
Advice and ideas for Christmas are available at visa.co.uk/goldenspace.
About Visa Europe
Visa Europe is a payments technology business owned and operated by member banks and other payment service providers from 37 countries across Europe.
Visa Europe works at the forefront of technology to create the services and infrastructure which enable millions of European consumers, businesses and governments to make electronic payments. Its members are responsible for issuing cards, signing up retailers and deciding cardholder and retailer fees.
Visa Europe operates a high volume, low cost business model that provides services to its members. Its surplus is reinvested into the business and used to improve capital and reserves.
There are 500m Visa cards in Europe, while €1 in every €6.50 spent in Europe is on a Visa card. In the year to September 2013, total expenditure on Visa cards reached €2 trillion, while point-of-sale spend increased by 8.5% to €1.4 trillion. Annual online spending on Visa cards continues to grow (20% year-on-year) and now stands at €240bn.
Since 2004, Visa Europe has been independent of Visa Inc. and incorporated in the UK, with an exclusive, irrevocable and perpetual licence in Europe. Both companies work in partnership to enable global Visa payments. As a dedicated European payment system Visa Europe is able to respond quickly to the specific market needs of European banks and their customers - cardholders and retailers - and to meet the European Commission’s objective to create a true internal market for payments.
For more information, please visit www.visaeurope.com.