Qualified advisers answering your
Financial Questions
call 0800 092 1245

Fears over bank holiday shopping

Fewer people spent the May bank holiday weekend shopping, according to retail analysis company SPSL.Dr Tim Denison, director of knowledge management at the retail analysts, said that fewer people entered shops compared to last year on Saturday, Sunday and Monday.It comes as many within the industry fear that the predicted rise in interest rates this week will see Britons spend less on consumer goods."Over the bank holiday weekend we saw the number of people entering shops across the UK down by 5.3 per cent Saturday, 3.3 per cent Sunday and 5.1 per cent Monday," Dr Denison told BBC Radio Five Live.Dr Denison said analysts could "rule out the weather" as a reason for this.He explained: "The weather conditions were fairly similar against the same weekend last year.""But I think we have to bear in mind that this year Easter was a far busier period than it was last year. So perhaps it's swings and roundabouts. The last bank holiday weekend was a good one, this one not quite so good."However, he also observed a "period of uncertainty" regarding the potential impact of recent interest rate rises.And he noted: "[There is] concern that going into quarter two consumer spending will take a dive and demand will soften."And assessing the potential impact on retailers, he admitted: "If demand softens yes there is pressure on margins, but a saving grace so far has been a weak dollar."In contrast to disappointing sales in January and February, retail figures were up during March although consumer confidence is still lingering around in the doldrums, with UK residents now expecting an interest rate rise every month, despite rates being kept at 5.25 per cent since January.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details