Christmas promotions on a par with “panic sales” of 2008
Christmas promotions on a par with “panic sales” of 2008Christmas promotions have started even earlier this year, with retailers trying to shift unsold stock.
BRC statistics due out tomorrow are expected to show the extent of these promotions, which are described as being on a par with the “panic sales” of 2008.
Kevin Flood, CEO of leading shopping website Shopow, said: “The peak in online Christmas sales has been brought forward to this week, a whole 21 days earlier than expected. The recession and strong demand from consumers hunting for deals online has led to an all out price war, with many retailers losing their nerve. There is a huge concern that they will lose out on business to the online retails as they hunt for deals.
“We are experiencing a huge surge in demand from consumers hunting for deals and bargains on Christmas presents, we expect a record rise in online spend this Christmas forced in part by the recession and by ever tightening purse strings; creating a an all out nation of bargain hunters.”
E-tailing trade association IMRG has predicted £7.75 billion will be spent on online shopping in the run up to Christmas.
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