A bank holiday payday for retailers?
4 May 2013
Ian Geddes, UK head of retail comments on how retailers might fair over the bank holiday:
“Retailers will be hoping the bank holiday proves to be payday this weekend. Retailers from DIY and garden centres to clothing and footwear stores are hoping that if the sun shines, Britain goes shopping. The warmer weather is likely to improve footfall and tempt consumers to invest in Spring/Summer collections. This should provide a boost, particularly to the fashion sector, which suffered a disappointing Easter performance.
“The bank holiday also comes at a time when consumers are starting to feel more positive about their disposable income. Sentiment rose by nine points in the first quarter of 2013, (from -40% to -31%) according to our latest Consumer Tracker. This is the most optimistic consumers have felt about the level of cash they have available since the Tracker began in 2011.
“However, we are still missing the catalyst that is going to kick start consumer spending. Consumers seem to be lacking the incentive to shop and continue to adopt defensive spending behaviours such as trading down and bargain hunting. The cold weather further delayed any prospect of a retail recovery and muddied the waters for those trying to forecast when it might happen. These factors make this a particularly important bank holiday for retailers.”
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