Following a sales lull in May a June heatwave caused a retail spending spike that saw millennials lead the way on watch purchases.
Customers between the age of 18 and 25 were pegged as being the most likely to have traded cash for timepieces in June 2017, said Close Brothers Retail Finance in response to a recent Office of National Statistics (ONS) report.
Alex Marsh, Managing Director at Close Brothers Retail Finance, said: “After a disappointing May, sales began to recover in June. Despite a slight unexpected drop in June, inflation was still higher than wage growth but this didn’t appear to deter British consumers from factoring in retail therapy in their budgeting.
“The June heatwave helped boost consumer spending and led to an increase in sales of outdoor activity items, in particular cycling purchases surged. The younger generation of 18-25 year olds led the way on spending throughout June, splashing out on electrical goods and watches.”
In the three months to June 2017, the quantity bought in the retail industry is estimated to have increased by 1.5%, with increases seen across all store types.
The growth for Quarter 2 (Apr to June) 2017 follows a decline of 1.4% in Quarter 1 (Jan Mar) 2017, meaning we are broadly at the same level as at the start of 2017.
Compared with May 2017, the quantity bought in retail increased by 0.6%, with non-food stores providing the main contribution.