Shoppers are set to turn this weekend into a sales bonanza worth more than £1 billion – that’s if it’s not too much of a headache following last night’s round of Christmas parties.

Dubbed Panic Saturday, 11 million people around Britain are expected to pound the pavements for 11th-hour gift buying in an attempt to get everything wrapped up before Christmas Eve next weekend.

Today is expected to be the busiest shopping day of the festive season with tills ringing up a staggering £1.5million a minute. Huge traffic congestion is expected at the West Country’s shopping centres – Bristol, Bath, Gloucester, Cheltenham and Taunton.

Shopping centres like Cabot Circus and Bath SouthGate are opening late to cope with the demand. John Lewis at Cribbs Causeway said an influx of shoppers are seeking novelty, fun items this Christmas. Sales have soared for pick-up gifts, with a 30 per cent year-on-year rise, the store said. One of the most popular novelty items is a pack of Christmas pudding bin bags, selling at a rate of one pack every 15 minutes.

Chris Simpson, chief marketing officer at shopping comparison website Kelkoo, said: “The peak weeks of Christmas trading are crucial to retailers as this period accounts for nearly one-fifth of the UK retail industry’s annual sales, making stores fight harder than ever to tempt shoppers through their doors.

“However, despite all of the high street promotions and discounts that are already being offered, it’s really important for shoppers who want to save money to check prices online before hitting the shops as many retailers operate a split pricing structure whereby prices on their websites are lower than in their high street stores.”

However, one expert said this year shoppers are showing signs of being reluctant to splash the cash.

Tim Denison, director at Synovate Retail Performance, said: “It strikes me that after such a hard year, people are determined to make the most of Christmas 2011. That doesn’t mean they are indulging on the carefree credit spending sprees seen only a few years ago. Instead shoppers are putting a lot of extra effort in to make it a special Christmas without spending beyond their means. Everything is shaping up for 2011 to be a Christmas of responsible shopping.”

British Retail Consortium director general Stephen Robertson said: ‘The evidence we are receiving suggests consumers have approached this Christmas with great caution, leaving it late to start their Christmas shopping.”