Falling energy bills, the Paris Olympics, and Taylor Swift’s UK tour, could provide the perfect ingredients for the UK’s high street retailers this summer.
This prospect comes on the back of year-on-year sales increasing by 3.5% in March, according to the British Retail Consortium (BRC) and KPMG.
The BRC’s chief executive Helen Dickinson said: “After a difficult start to the year, retailers are hopeful that with warmer weather around the corner, consumer confidence will spring back up.”
Separate figures from Barclays found consumer spending was ‘flat,’ largely due to a slowdown in non-essential purchasing blamed on wet weather.
Karen Johnson, head of retail at Barclays, said: “Many retailers are confident that spending will rebound in the coming months, particularly in anticipation of better weather, the energy price cap drop, an uplift in the national minimum wage, and the buzz around major events such as Taylor Swift’s Eras Tour and the Olympics.”
Taylor Swift’s recent gigs in Australia have been credited by officials there for boosting the country’s economy, an effect known as ‘Taylornomics.’
With 15 shows this summer, UK retailers will be hoping for this effect to strike again, on top of the potential feel-good factor generated by a strong performance by the England football team at Euro 2024.
