£2.6bn Christmas binge on cards for 'Panic Saturday'
Shoppers are expected to put £2.6bn on their cards on 'Panic Saturday' as millions hit the high street during the last full weekend before Christmas. High streets will be at least 45% busier than usual on Saturday, and footfall in major department stores is expected to increase by 127%, according to payments processor Worldpay.
Saturday is expected to kick off a £17.6bn week-long spending spree on cards ahead of Christmas Day next Sunday, with card spending due to reach more than £3bn on Friday, December 23.
James Frost of Worldpay UK said: "Christmas is the only time of the year that we convince ourselves it's okay to overspend and our latest data suggests trading in the run-up to Christmas could be up by as much as 7% compared to 2015.
"For retailers this means putting more staff on the shop floor to offer advice, locate items and take payments, alleviating pressure from the tills as customers queue to purchase items."