The UK has been enjoying a heatwave in recent weeks and a new report suggests that the sunshine appears to have had a positive impact on business confidence in the retail sector.
In fact, a new study published by Royal Mail in recent days reveals that more than a third (39 per cent) of small and medium-sized enterprises (SMEs) in the sector are feeling confident that the hot weather will help to boost their sales this summer.
Meanwhile, a further 39 per cent are eyeing up increased consumer spending over the upcoming Bank Holidays, while 32 per cent are hopeful that summer sporting events – such as the World Cup – will also boost sales.
In total, more than three quarters (77 per cent) of SME retailers are confident that their business will perform well over the course of the summer, the report reveals.
The findings come shortly after separate figures from the British Retail Consortium (BRC) found that UK retail sales had bounced back at a record rate in the spring.
The BRC’s Retail Sales Monitor revealed that British retailers benefited from the strongest sales growth seen in more than four years last month, with sales up on average by 2.8 per cent compared with May 2017.
Commentators noted that sunny spells, Bank Holiday weekends and the royal wedding all had a part to play – and that grocery sales and fashion sales performed particularly well throughout the month.
Looking ahead, Royal Mail’s report suggests that sales growth will remain strong, with the weather forecast to remain sunny and retailers planning on “capitalising” on this as much as possible.
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