That time of year has arrived – Boxing Day. Straight after all the festive fun of Christmas comes the golden opportunity for you to snatch up all those other wish list items you didn’t get for Christmas. And at a great price! I mean, who doesn’t love a good bargain? However, seemingly this year shoppers’ enthusiasm appears to have vanished after Christmas, resulting in an unfavourable dip in sales.

Boxing Day is no longer the major event it used to be. Shockingly, multiple high street stores were closed on this lucrative day, including major retail brands such as John Lewis, M&S and Next. Traditionally, stores welcome their shoppers to help dispose of old stock ready for the New Year, with some stores generously offering their eager shoppers up to 70% off. This was a mutually beneficial practice. However, analysts predicted a 6.8% drop in spending on the high streets this year.

Some believe this drop is due to shoppers splashing out more on the Black Friday sales leading up to Christmas. Data from Mastercard showed that spending between 1st of November and Christmas Eve was up 2.6% last year, as people grabbed their bargains ready for the big day. Over the last decade, it has become more evident that Black Friday sales are rising in popularity, with some even claiming that pre-Christmas Black Friday is the new ‘Boxing Day.’ It has also come to attention that this year people spent more on leisure, such as dining, rather than products, hinting at how Boxing Day is now being appreciated as a time to relax with friends and family rather than an opportunity to splurge.

A further reason for dip in sales could be due to rising inflation limiting how much reduction retailers can offer. Additionally, the cost-of-living crisis has caused consumers to become more cautious with their spending. Recently, a survey carried out by Barclays showed that shoppers intended to spend around £299 in this year’s post-Christmas sales, which is £18 less than last year. As prices increase, both businesses and shoppers are becoming more vigilant regarding expenditure during these hard times.

Hopefully as inflation goes down with subsequent improvement in the cost-of-living , we can go back to enjoying Boxing Day as a chance to relax but also treat ourselves to a well-deserved shopping spree.