United Kingdom

Details

  • Industry: Real Estate, Retail and Consumer Goods
  • Type: Press release
  • Date: 27/03/2014

Rising housing market and falling unemployment boosts consumers’ willingness to spend, says KPMG 

 

David McCorquodale, UK Head of Retail at KPMG, comments on the latest Retail Sales figures from the Office for National Statistics (ONS):

 

“The ONS statistics indicate a better than expected performance by the retail sector in February, which is hopefully indicative that consumer confidence is gathering pace.  The rapid recovery underway in the housing market and falling unemployment levels are undoubtedly feeding this under a swell of positive sentiment and delivering a boost to the retail industry.

 

“Some sectors fared worse than others however. Clothing sales weren’t helped by poor weather, but this is an in between month for fashion; retailers will be hoping that the forthcoming weeks bring better weather, which will help them to launch their spring offerings.

 

“The growth in the food sector reflected in the ONS statistics is a segment to keep a watchful eye on going forward, given that some grocers have highlighted that they will make substantial price cuts in the weeks ahead.  There is a real chance this growth in the grocery sector might not be sustainable in the long term.

 

“Improving weather, and the arrival of Mother’s Day, should help retailers drive sales in March.  Sentiment in the sector is overwhelmingly positive and if the overall economic recovery remains on track, so will consumers’ willingness to spend.”

 

 

-Ends-

 

Notes to editors:

 

For press enquiries please contact

 

Zoe Sheppard, PR Manager at KPMG: +44 (0)117 905 4337

zoe.sheppard@kpmg.co.uk       

 

About KPMG

 

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff.  The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

 

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