Credico UK Respond to Concerns over UK Retail Performance

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While recent reports may have suggested the UK economy is growing at a steady rate; retail performance is proving disappointing. Credico UK has responded to these reports and shared why it’s not all doom and gloom for UK spending.

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When consumer spending drops, it’s up to brands to get out there and increase consumer confidence by communicating with potential leads one on one.

While recent reports confirmed that the UK’s economic growth is remaining on track with initial estimates, The UK’s retail sector has experienced significant losses, as fresh concerns over Brexit and rising inflation has panicked consumers.

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Despite the economy growing by 0.3 percent over the third quarter of 2017, retail sales growth has slowed over the last four weeks. The Confederation of British Industry concluded that from sales data from 57 retailers, the UK’s sales balance slid to minus 10 from plus 22; the lowest score since last July when the UK voted to leave the European Union.

Credico UK, a leading field marketing agency is confident however that this low score is just a blip, and that the retail sector will recover. ‘There is a substantial dip in retail performance over August; however, July saw such unprecedented spike in sales due to the UK’s sudden heat wave, leading to consumers swarming to the high streets. Comparing August’s low score, to July’s above average results isn’t an exact representation of retail performance.’ Stated Credico UK.

Furthermore, Credico UK is confident that this report only continues to highlight how seemingly insignificant factors can impact the sales sector. ‘A spell of sunny weather had a huge impact on retail sales, which goes to show that the industry is incredibly changeable due to emerging trends and environmental factors. This offers great potential for growth and improvement over the coming months. An excellent example of this is the current popularity of healthy eating and cooking, which has led to substantial growth in the food retail sector despite the overall retail dip.’

With the Confederation of British Industry stating retailers are remaining confident about performance recovering, Credico UK is adamant that by acting now brands will be able to increase sales. ‘When consumer spending drops, it’s up to brands to get out there and increase consumer confidence by communicating with potential leads one on one. Taking the time to demonstrate their products and services in person, and tailor the customer experience to individual needs is a proven strategy for driving retail sales during harder economic times.’

Source: https://www.theguardian.com/business/live/2017/aug/24/pound-dips-again-ahead-of-uk-gdp-figures-business-live

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