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5-year high for retail confidence
May 12, 2021
Consumer confidence for retail has risen to a five-year high and with a focus on quality. "Shoppers appear to be approaching the summer in a more positive mindset," say analysts at IGD.
Shopper confidence increased to -1, the highest level in nearly five years (August’16). This compares to -11 this time last year, at the start of the pandemic. Towards the end of the month, shopper confidence increased to +1, following the further easing of lockdown restrictions, which included non-essential retail, the declining cases of COVID-19 and the rapid roll-out of the vaccination programme.
The research revealed an increased focus on quality and ‘trading-up’ to its highest level ever recorded, driven by higher income households. This is the K-shaped recovery many have forecast with better-off consumers using unspent savings while less affluent consumers continue to suffer the after-effects of the pandemic.
Simon Wainwright, Director of Global Insight at IGD, said: “Along with the more upbeat forecasts from the Bank of England, which will see the UK enjoy its fastest growth in more than 70 years, the latest shopper confidence score is really reassuring.
"Shoppers appear to be approaching the summer in a more positive mindset. This optimistic sentiment should provide plenty of opportunity as restrictions begin to lift and shoppers are able to socialise. Retailers should focus on capturing the additional spend that higher income shoppers are diverting to ‘trading-up’," he said.
The latest British Retail Consortium-KPMG Retail Sales Monitor
shows that in the three weeks following the reopening of stores across England and Wales on 12 April, non-food sales increased by around 25% in comparison with the previous month under lockdown.
In the four weeks to 1 May total sales were up by 7.3% compared with April 2019. This is above the three-month average of 6%.
Total UK retail sales increased 46.3% on a like-for-like basis from April 2019. Stores that have closed, are yet to reopen or are have opened in the last two years stores are not included in the like-for-like sales figure. However, all online sales are included.
In the four weeks to 1 May total sales were up by 7.3% compared with April 2019. This is above the three-month average of 6%.
Total UK retail sales increased 46.3% on a like-for-like basis from April 2019. Stores that have closed, are yet to reopen or are have opened in the last two years stores are not included in the like-for-like sales figure. However, all online sales are included.
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