Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Wet Weather and Economic Caution Dampen Spring Retail and Restaurant Sales

by May 7, 2024
May 7, 2024
Wet Weather and Economic Caution Dampen Spring Retail and Restaurant Sales

The onset of spring has brought gloomy news for retailers and restaurants, with consumer spending remaining subdued amidst a backdrop of cold, wet weather and economic uncertainties.

Figures from the British Retail Consortium (BRC) and KPMG reveal that sales in March and April were virtually unchanged compared to the same period last year, despite ongoing inflationary pressures, indicating a decline in the volume of goods sold during the crucial Easter season.

The four-week period ending in April saw a 4% decrease in sales, attributed in part to the early timing of Easter this year. Non-food sales bore the brunt of the decline, experiencing a nearly 3% drop, both in physical stores and online. Helen Dickinson, CEO of the BRC, highlighted the impact of dismal weather on categories such as clothing, footwear, DIY, and garden furniture, despite retailers’ efforts to entice shoppers with discounts.

Poor weather conditions also contributed to a more than 7% decrease in footfall at retail destinations in April, exacerbating the challenges faced by retailers. Dickinson remains cautiously optimistic, suggesting that consumer confidence may improve with potential interest rate cuts and the prospect of brighter summer sales as social activities resume.

Meanwhile, a Barclays consumer spend report underscores shifting spending patterns, with consumers prioritising travel and leisure activities over non-essential purchases like clothing. Spending on airlines saw a nearly 10% increase, while clothing sales experienced a decline of 1.8%. Restaurants continued to struggle, recording a 12.6% decrease in sales, similar to February’s figures.

Mark Arnold of Barclays UK noted that discretionary spending has been impacted by last year’s housing cost surge, prompting individuals to cut back on non-essential expenses. Karen Johnson, head of retail at Barclays, expressed retailers’ hopes for a rebound in spending, citing anticipated improvements in weather, the drop in the energy price cap, and upcoming events like Taylor Swift’s tour and the Paris 2024 Olympics.

Despite these challenges, retailers remain cautiously optimistic about the potential for a recovery in consumer spending in the coming months, buoyed by positive economic indicators and the prospect of improved weather conditions.

Read more:
Wet Weather and Economic Caution Dampen Spring Retail and Restaurant Sales

0
FacebookTwitterGoogle +Pinterest
previous post
Olive Oil Prices Soar Amidst Global Production Decline
next post
Which Suitcase Components Provide The Most Value When Upgraded?

You may also like

Unlock Startup Potential with Flutter for MVP

October 22, 2024

What does the Quran say about trading?

February 20, 2024

How the Sounds and Lights of Slot Machines...

May 17, 2025

5 Investments That Are Recession Proof

August 1, 2022

Opening a Business in Switzerland

February 17, 2023

Reeves to reveal £19bn financial gap amid tax...

July 26, 2024

What Is Rust Gambling And How To Get...

June 24, 2024

Finding Purpose: Reflecting on What Drives You as...

December 4, 2024

Companies more confident on hiring, says Recruitment and...

July 26, 2023

New effort launched to protect small firms from...

November 8, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved