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Stores open for Boxing Day sales | |
(about 6 hours later) | |
Shops up and down the UK have opened their doors for the traditional Boxing Day sales. | |
Many stores had already launched their sales online, but some experts say they could be due for an extra boost because 26 December is on a Saturday this year. | |
The return of VAT to 17.5% next week could also encourage shoppers to hunt for bargains. | The return of VAT to 17.5% next week could also encourage shoppers to hunt for bargains. |
But savings are not expected to be as great as last year because firms have been more cautious about stock levels. | But savings are not expected to be as great as last year because firms have been more cautious about stock levels. |
Some stores opened as early as 0700 GMT, with the keenest shoppers queuing before that in the hope of securing a bargain. | |
'Biggest day' | 'Biggest day' |
Last year, footfall on Boxing Day was up 12.5% on the previous year, driven by discounts as large as 90% in some stores. | Last year, footfall on Boxing Day was up 12.5% on the previous year, driven by discounts as large as 90% in some stores. |
Retailers offered the huge reductions in order to clear excess stock left behind in the wake of the financial crisis. | Retailers offered the huge reductions in order to clear excess stock left behind in the wake of the financial crisis. |
This year experts are predicting smaller savings, but a boost for retailers because Boxing Day falls at the weekend. | This year experts are predicting smaller savings, but a boost for retailers because Boxing Day falls at the weekend. |
Jonathan de Mello, from market data company Experian, said: "Most retailers make around 25% of their weekly revenues on a Saturday, and given Boxing Day is now a major shopping day in its own right, it is conceivable that Boxing Day 2009 could be 'Super Saturday' - the biggest shopping day of the year so far - rivalling even 23 and 24 December." | Jonathan de Mello, from market data company Experian, said: "Most retailers make around 25% of their weekly revenues on a Saturday, and given Boxing Day is now a major shopping day in its own right, it is conceivable that Boxing Day 2009 could be 'Super Saturday' - the biggest shopping day of the year so far - rivalling even 23 and 24 December." |
Research by American Express suggests that more than £3 billion will be spent in the sales, with more than a third of those questioned saying they were more likely to indulge this year because of the impending VAT increase. | Research by American Express suggests that more than £3 billion will be spent in the sales, with more than a third of those questioned saying they were more likely to indulge this year because of the impending VAT increase. |
The government cut the rate to 15% in December last year in a bid to boost the struggling UK economy. | The government cut the rate to 15% in December last year in a bid to boost the struggling UK economy. |