Worldpay, a global industry leader in payments technology and solutions, has analysed its daily transactions data to determine consumers’ spending habits over the Christmas period. Amongst broader insights, it finds that Christmas Eve no longer sees significant last minute in-person spending, with retail spending peaking on the 22nd December. Please see below for a breakdown on the data:
- Christmas Eve retail point of sale (POS) spending down 46% from the day prior
- POS are transactions that businesses process using a combination of hardware and software. POS systems allow businesses to accept payments from customers in a variety of ways, including cash, credit cards, and contactless payments.
- In the week leading up to Christmas, retail POS payments peak on the 22nd December, when eCommerce begins to drop off
- Retail eCommerce spending sees a slight uptick (7%) on Christmas Eve from the 23rd , likely down to Christmas Day sales starting early
- Looking more specifically at the eCommerce sector in the run up to Christmas, clothing and footwear spending peaks on the 24th November and 27th November, likely due to the pending Christmas party season and the overlap with Black Friday and Cyber Monday
- Through December, total eCommerce spending across the UK peaks on the 4th December
- This spending is largely in the services sector, followed by retail and food and drink
- In the week leading up to Christmas in 2023, the 21st December and 22nd December saw the greatest numbers in total eCommerce spending
- eCommerce purchases take a significant drop off from 22nd to 23rd December, down -48% day by day
