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Retail Sector Experiences Best Christmas in Seven Years
Listed under: News
Published: Monday, January 18, 2010
Sales in the capital reached their highest level since 2002 this Christmas, increasing a whopping 12% compared to last year, according to a recent report from retail specialists, the British Retail Consortium (BRC).
The findings – which are the highest recorded figures for any festive period since the organisation's records began in 2002 – are considerably higher than the country's national average, which was just 4.2% last month.
The association has attributed the buoyant performance of the sector to a number of different factors, with an improvement in consumer confidence, higher spending amongst the public and the falling value of the sterling all cited as major contributors to the growth. The increase in the number of tourists visiting the UK from abroad also generated greater profits for the capital, with customers from China, the Middle East and Europe particularly abundant in the city last month.
Commenting on the findings, Stephen Robertson, director general of the BRC, enthuses, “This is a dazzling performance and London's best December sales growth since this survey began in 2002 – all the more impressive following a strong November. The result is boosted because the comparison is with terrible figures a year ago, when financial turmoil hit London consumers especially hard, but this is outstanding growth by any interpretation.”
Helen Dickinson, head of retail at accounting firm, KPMG, agrees the findings are cause for celebration, adding, “These are great figures and Christmas really provided an opportunity for stores to outperform, leading to a pronounced polarisation between retailers who got the proposition right and those that did not. December's results also showed the growing importance of post-Christmas trading, and the ongoing weakness of the pound has certainly continued to attract overseas visitors.”
However, Mr Robertson is keen to stress that there are still stormy times ahead. "Customers were generally a lot more positive than the year before, so more willing and able to shop. But, given the prospects for jobs, wages and taxes in 2010, retailers can't assume consumers will go on spending like this,” he warns.
How was business for you this Christmas? Send me your thoughts at .(JavaScript must be enabled to view this email address)
The findings – which are the highest recorded figures for any festive period since the organisation's records began in 2002 – are considerably higher than the country's national average, which was just 4.2% last month.
The association has attributed the buoyant performance of the sector to a number of different factors, with an improvement in consumer confidence, higher spending amongst the public and the falling value of the sterling all cited as major contributors to the growth. The increase in the number of tourists visiting the UK from abroad also generated greater profits for the capital, with customers from China, the Middle East and Europe particularly abundant in the city last month.
Commenting on the findings, Stephen Robertson, director general of the BRC, enthuses, “This is a dazzling performance and London's best December sales growth since this survey began in 2002 – all the more impressive following a strong November. The result is boosted because the comparison is with terrible figures a year ago, when financial turmoil hit London consumers especially hard, but this is outstanding growth by any interpretation.”
Helen Dickinson, head of retail at accounting firm, KPMG, agrees the findings are cause for celebration, adding, “These are great figures and Christmas really provided an opportunity for stores to outperform, leading to a pronounced polarisation between retailers who got the proposition right and those that did not. December's results also showed the growing importance of post-Christmas trading, and the ongoing weakness of the pound has certainly continued to attract overseas visitors.”
However, Mr Robertson is keen to stress that there are still stormy times ahead. "Customers were generally a lot more positive than the year before, so more willing and able to shop. But, given the prospects for jobs, wages and taxes in 2010, retailers can't assume consumers will go on spending like this,” he warns.
How was business for you this Christmas? Send me your thoughts at .(JavaScript must be enabled to view this email address)
