£1.2bn to be spent on Visa cards for final rush on UKs busiest High Street shopping day
Over 18,000 transactions set to take place every minute on a Visa card
Thursday 23rd December is set to be the busiest ever day for shopping in the UK, according to analysis by Visa Europe. The payments company expects to process around 26.5m transactions, worth more than £1.2bn, throughout the day as Britons up and down the country hunt for their last minute Christmas purchases.
In 2008 and 2009, the busiest days were 23rd December and with Christmas Day falling on a Saturday this year, Visa Europe predicts the busiest day for high street shopping in 2010 will also be Thursday 23rd December.
The nation’s shoppers are expected to spend an average of £833,000 every minute or almost £14,000 per second during the course of the day. This equates to year-on-year growth of approximately 20% on high street spend, more than 70% of which is expected to be on Visa debit cards. Consumer research commissioned by Visa Europe supports this expected bumper Christmas spending trend with 40% of shoppers planning to spend more on gifts than in 2009.
Visa’s analysis of 2010 Christmas spending so far shows that despite a cautious start to Christmas shopping, consumers are slowly picking up momentum, with an average year-on-year growth of 1.5% in real terms over the Christmas period so far (from the end of October onwards).
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