Small and medium-sized enterprises (SMEs) in the retail sector are anticipating strong sales over the course of the summer, spurred on largely by this year’s unusually strong British sunshine, a new report reveals.
In recent weeks, most parts of the UK have enjoyed hot sun and very little rainfall – and retailers are hopeful that the good weather will persist, lifting spirits and consumer spending all across the country.
According to new research carried out by Royal Mail, more than three quarters (77 per cent) of SME retailers are expecting to see significant increases in sales this summer.
On average, retailers are expecting to see sales rise by around a third (29 per cent), the report reveals.
It adds that 39 per cent of firms confident that the hot weather will boost sales, while a similar number are confident that bank holidays will also help to boost consumer spending.
Meanwhile, 32 per cent of retailers are confident that summer sporting events will be good for business.
Almost three quarters (71 per cent) are confident that the World Cup will help to boost sales, while more than half (56 per cent) feel the same way about Wimbledon, the report reveals.
Commenting on the study’s findings, a Royal Mail spokesperson said it was “encouraging” to see that retailers are feeling particularly confident this year.
“With forecasters predicting a long hot UK summer, retailers are set to capitalise on the good weather this year,” they said.
Latest posts by Gwyn Williams (see all)
- HMRC increasingly launching Inheritance Tax investigations - September 20, 2018
- HMRC’s fraud investigation team collects £5.47 billion in extra tax - September 17, 2018
- Government announces new measures to boost funding for small businesses - September 10, 2018