UK shoppers will spend some £1.3 billion on Christmas Day and Boxing Day sales, with more consumers buying online using their smartphones and tablets.
Following the record-breaking £810 million spent online on Black Friday 2014, online retail association IMRG and information services group Experian have predicted that online sales will reach more than £636 million on Christmas Day, and £748 million on Boxing Day, with a peak of £519,000 being spent per minute across 167 million retail sites on the second day.
Dan Wagner, CEO of Powa Technologies, commented: “This has already been a truly watershed year for mobile commerce, and the vast amount of sales expected to take place online over Christmas and Boxing Day will truly cement 2014 as a turning point in retail.
“Between this and the phenomenal level of online sales seen from Black Friday right through the season, orchestrated discounts have clearly succeeded in attracting shoppers online, but providing an enjoyable shopping experience will prove to be equally important. Shoppers now see hunting for bargains on online and mobile sites as a fast, fun activity to dip into anytime, and retailers must be equipped to make the entire process as easy as possible."
The news comes as eMarketer predicts that nearly 77 per cent of the UK's population will make a purchase online in 2018.
Retail sales worldwide - including both in-store and internet purchases - will total nearly $22.5 trillion this year, predicts the firm. The global retail market is set to see steady growth over the next few years, and in 2018, worldwide retail sales are predicted to increase 5.5 per cent to reach $28.3 trillion.
When it comes to retail products and services purchased on the internet, retail e-commerce will account for 5.9 per cent of the total worldwide retail market in 2014, or $1.316 trillion. By 2018, that share will increase to 8.8 per cent.