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Last minute shoppers splash the cash as average spend grows by 14%
Brits are set to show just how much we love our Dads this Father’s Day by spending more on presents that ever before. Research by Opayo, a payment service provider, has found that consumers are spending 14 per cent more this year on Father’s Day gifts than last year.
At the same time, the nation’s retailers say their overall takings for this time of year are up by quarter on last year– suggesting more people have splashed out on presents than ever before.
But while Dads may be chuffed at the prospect of a more expensive gift, the study suggests the rise in spending might be down to last minute panic buying. Opayo’s research found that the busiest day for buying presents was Tuesday – just five days before the day itself – when online purchases soared.
“Events like Father’s Day continue to buck the trend when it comes to consumer spending,” said Colin Mould, Head of Customer Service at Opayo. “With the country still in recession, many are continuing to tighten their belts but it seems there are still certain things people are prepared to splash out on – just maybe not too far in advance. Consumers increasingly leave present-buying until the last minute when they jump online to find something suitable. Maybe that’s why we’re spending more – because we don’t allow ourselves enough time to shop around!”
The news will be a boost for retailers, particularly given that Father’s Day is not usually seen to be as commercially lucrative as Mothering Sunday.
“Our customers have seen a welcome rise in takings over the past few days,” said Colin Mould. “We’ve processed a higher number of payments than we usually do in the run up to Father’s Day, particularly for smaller businesses operating online. It’s these businesses that consumers tend to turn to when they’re buying presents – independent companies where they can find an individual or personal gift. At the same time though, more established brands tend to see high traffic as it gets closer to the event when customers can take advantage of high stock availability and fast delivery options.”
Colin concluded: “Overall, this rise in spending suggests a degree of consumer confidence, which has to be a positive sign for the British economy.”
Opayo is Europe’s leading independent payment service provider (PSP) and is one of the most trusted payment brands. Every year Opayo processes billions of pounds worth of secure payments for its 40,000 customers and makes the process of accepting payments online, over the phone, or in person simpler, faster, safer and more profitable for businesses.
Opayo is a subsidiary of FTSE 100 business management software and services company The Elavon Financial Services DAC plc.
For more information, please visit http://www.Opayo.com.
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