|
Retail Sales on the Rise
Listed under: News
Published: Tuesday, December 01, 2009
Recent statistics from the Office for National Statistics (ONS) have revealed that retail sales continued to show strong growth last month – rising significantly year-on-year, and topping October's results considerably.
Commenting on the statistics, Richard Lim, economist at retail specialist the British Retail Consortium (BRC), attributes the rise to a return in consumer confidence. "The official data confirm our findings that October's retail sales growth was stronger than September's. Most non-food sectors, such as clothing and footwear, are well up on a year ago – when customers were dealing with the impact of the credit crunch and impending recession, and concentrating on essentials.”
He adds, "A year ago, customers were extremely nervous about spending. Now consumer confidence is rising and there's a sense that there is some money out there to be fought over. Shops have already begun to discount and promote in earnest as they fight it out to win what custom there is to be had.
However, Mr Lim believes there are still challenging times ahead. "Retailers will be hoping the improved consumer confidence and housing market stability will be sustained into Christmas and beyond,” he says. “But 2010 has many uncertainties, particularly with regards to jobs, taxes and Government spending, and these could well undermine the extra willingness to shop that we have seen from customers recently."
Commenting on the statistics, Richard Lim, economist at retail specialist the British Retail Consortium (BRC), attributes the rise to a return in consumer confidence. "The official data confirm our findings that October's retail sales growth was stronger than September's. Most non-food sectors, such as clothing and footwear, are well up on a year ago – when customers were dealing with the impact of the credit crunch and impending recession, and concentrating on essentials.”
He adds, "A year ago, customers were extremely nervous about spending. Now consumer confidence is rising and there's a sense that there is some money out there to be fought over. Shops have already begun to discount and promote in earnest as they fight it out to win what custom there is to be had.
However, Mr Lim believes there are still challenging times ahead. "Retailers will be hoping the improved consumer confidence and housing market stability will be sustained into Christmas and beyond,” he says. “But 2010 has many uncertainties, particularly with regards to jobs, taxes and Government spending, and these could well undermine the extra willingness to shop that we have seen from customers recently."
