Consumer spending

Barclays estimates U.K. consumers will spend nearly $80 billion before holidays

210px-Barclays_logo.svgBarclays recently issued a report that estimated that U.K. shoppers will spend a record $52.2 billion with their debit cards, compared to $24.4 billion in expected cash purchases.

Consumer spending in the U.K. has risen 2.8 percent compared to the same period last year. Total spending on Mega Monday—in reference to the Monday following Black Friday deals—rose 4.3 percent year-over-year, and online spending rose 9.7 percent from 2012.

Supermarkets are expected to bring in $9.2 billion, while clothing and department stores are expected to post $2.3 billion and $1.2 billion in sales, respectively.

Most shoppers said they shopped over the weekend to purchase a few remaining presents. Sixteen percent of consumers said they shopped for stocking fillers and extra presents, and another 16 percent said they still needed to purchase additional Christmas-related items.

“Despite another tough year, we expect consumers to be out in force this weekend, picking up last minute gifts, food and decorations or simply soaking up the festive spirit, in preparation for Christmas,” Barclays Managing Director Catherine McGrath said. “Retailers are giving great offers and discounts this year, and consumers are being savvier than ever to ensure they pick up a bargain.”

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