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UK Boxing Day sales estimated at 3 billion pounds

12-29-2013 00:39 BJT

By CCTV correspondent Zhang Lan

Thursday was Boxing Day and thousands of people in the UK rushed into stores for the sales. To retailers, this crucial sale can make up a third of their annual profits.

The annual tradition of wrestling for a bargain on Boxing Day. Many popular chains are slashing prices by up to 50 percent.

Harrods, London’s most famous department store, is also offering discounts on their fanciest products. Hundreds of shoppers have been queuing for hours in the cold to make sure they bag the best bargains:

"We arrived about 5 a.m. this morning. There are a lot of people who started queuing here from 4 or 5 a.m. this morning. We are looking forward to get inside to get some perfumes. It's such an iconic sale. It's the Harrods sale. It's amazing."

"I come here and all we have in our pockets we gonna spend here in Harrods."

"Because we have been saving during the year budget. It's a hard climate. So it's luxury to come here today, for me it is."

For consumers, it’s the most wonderful time of the shopping year. People are simply falling over each other to get into the shops. And for retailers, Boxing Day Sales are critical.

Figures from Verdict Research shows three billion pounds could be spent this Boxing Day across the UK. That is 60,000 pounds a second,  eight percent higher than last year. Shopping centres saw a 22 percent rise in the number of bargain-hunters. The footfall on high streets was up nearly 12 percent compared with Boxing Day last year.

This is a big rise since the economic recession. As the economy gets better, retailers are holding their breath for a promising performance this festival season.

"I think we are always consciously optimistic - I think it’s the right phrase to use. I know the retailers had a difficult year this year...It’s a very important time for all the retailers," said Katharine Witty, Group Director of Harrods Corporate Affairs.

There are only a few days to go until the New Year. While shoppers may find their wallets flattening, there's no end to the temptations as many retailers will be continuing their heavy discounts to hit their sales targets over the crucial festive period.

 

Editor:James |Source: CCTV.com

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