UK retailers use positive sales numbers to keep momentum going
Although the United Kingdom received a major retail boost from the Olympics, businesses across the country are hoping the strong sales last well into the future. Positive numbers, coupled with growing consumer confidence, are seeing increases in retail sales.
According to Reuters, U.K. retailers saw better-than-expected sales during the Olympics, as many economists anticipated that these numbers would drastically decrease as shoppers stayed home to watch the 2012 Games. A report from the Office for National Statistics (ONS) found that sales dipped 0.2 percent, when it was estimated that it would be 0.4 percent. Although purchases fell, experts are saying that the numbers indicate that the economy could be improving.
"We would not interpret the (August) fall in sales as being too bad a result," said BNP Paribas economist David Tinsley. "The level of retail sales is still hovering around considerably higher levels than it averaged in 2011, indicating there has been some more momentum to consumer spending recently."
Fresh Plaza reports that another study by Savvy Marketing found that more British consumers are gaining confidence, and many are wanting to buy products made in the U.K., a result of the patriotism left over from the Olympics. Between June and August, the total amount of shoppers that were looking to purchase British goods increased from 63 percent to 72 percent.
