According to study’s High street stores have recorded the worst summer sales for Six Years.
This suggest that shoppers are cautious of the economy, maybe as a result of the general election promises to continue cuts or the threat of interest rate rises. So it seems that even though the country is out of recession, Many Brits are still looking for quality products but at bargain prices.
Out of all of the high street stores that are doing well; restaurants and bars and small ticket gifting stores also doing well. Also, eating at home, healthcare, household care and beauty and toiletries were areas where spending had stayed about the same.
On the other hand consumers are not splashing out on luxury items.
That’s terrific news for the small independent stores. This means that shop owners need to be more savvy when attracting the attention of the shoppers purse. Remember that consumer are looking for bargain or at least the perception of a bargain.
If consumers are going to spend more the value of the item needs to be justified – affordable treats.
However it may not all be belt tightening for the foreseeable future. The report suggest a growth of 27% in consumer spending over the next 5 years.