Diane Wehrle CEO at Rendle Intelligence and Insights joins Simon for their monthly chat about footfall trends. July retail data shows positive signs with spending down only 1.4% compared to 8.5% in June, though footfall decreased by 1.7% as consumers remain cautious with their spending. The warm weather has encouraged more UK residents to holiday at home, redirecting spending into local economies rather than abroad.
• Five key retail sectors (fashion, food and drink, general retail, grocery, health and beauty) all showed improvement in July
• Fashion rebounded from being 10.8% down in June to just 3.2% down in July
• Employment is up 0.7% year-on-year to 4.7%, with youth unemployment rising 14.1%
• Interest rate reductions benefit mortgage holders but impact savers
• The approaching "Golden Quarter" (Halloween through Christmas) will be challenging but crucial
• Early and extended discounting is likely as retailers may over-order based on July's improved performance
• Weather continues to be a significant factor in retail performance
Looking ahead to August, if the good weather continues and staycations remain popular, we might see further improvements in retail spending figures
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