Good news for UK retailers, reports say that the soccer World Cup prompted consumers in Britain to spend more on beer, barbecues and big-screen televisions in June. While this boost in sales was a welcome change, it unfortunately did not last.
The overall increase in sales in June slowed in the months following the world cup. Another reminder of just how wary many UK consumers remain. Total sales values rose 2.3% compared with June 2017, according to the British Retail Consortium (BRC).
This was the second-biggest increase of 2018 after the winter slowdown. However, it was still weaker than the 4.1% jump experienced in May as the excitement over England’s progress in the World Cup positively influenced sales for specific goods.
“The reality is that sales don’t grow on the feel-good factor alone,” BRC’s chief executive Helen Dickinson explained.
She added, “With household incomes still barely growing faster than inflation, conditions for consumers and retailers remain extremely tough.”
The Bank of England watched closely to see how consumers behaved next. Considering that spending accounts for around 80% of the UK economy, consumer behaviour obviously plays a huge role in determining whether to raise interest rates. Before the policy meeting in August, the bank took a close look at the spending in previous months and the spending surrounding the world cup.
Barclaycard, the credit and debit card division of Barclays, shared that shoppers in Britain remain cautious with four in 10 saying they plan to hold off on buying big-ticket items until the economy seems more settled.
To overcome the current situation and encourage consumer spending, many ecommerce shops are turning to ecommerce merchant providers. Working with a merchant provider allows them to offer the very best in payment processing options. Providing multiple payment options ensures consumers have as many options as possible to pay for their purchase – the key is convenience.
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Author Bio:Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry and high risk account forum has helped thousands of business owners save money and time.