According to reports, retailers are expected to have a good Christmas despite the Brits holding back on spending after the Brexit.
An analysis conducted by Fung Global Retail & Technology has shown that the “Brexit bounce” is looking to enhance holiday spending by 3.5% year-on-year, however it could rise 4% if recent strengthening trends continue.
Figures show that Brits will be looking to spend around £2.5 billion more than last year, with retailers looking to take a total of £73 billion in sales in November and December, which will come as a relief as last year saw the weakest season in 25 years.
Deborah Weinswig, Fung managing director, said: “In 2016, we have seen sales growth tending to trend upward.”
“In fact, this strengthening really gathered pace following the UK’s June vote to leave the EU.”
The analysis also reported that not all retails sectors will have a good Christmas, as Fung has suggested that apparel specialist and department stores are expected to continue to see muted demand for clothing.
Weinswig added: “Apart from undemanding comparatives from last year, there is no reason to think apparel stores will have a good holiday season.”
All in all, Fung predicts sales in the non-store retail segment, which includes internet pure plays, to jump by 13 per cent this holiday season.
