Strong consumer spending number doesn’t mean the work is done for retailers

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The excitement of the Euros and Tokyo Olympics, together with Freedom Day and the hot weather in July, has created the perfect opportunity for Brits to splash the cash. With consumer spending 11.6% higher than pre-Covid levels, it’s clear consumers have been keen to welcome this sense of normalcy with open arms and tap into savings made in lockdown.

However, too much damage was done to the retail sector during lockdown to say which businesses will ultimately survive in a vaccinated world, especially with the new variant causing concerns.

The retailers that consistently maintain these positive numbers will be those that are re-evaluating their brick-and-mortar presence, as we’ve started to see many do, while investing in omnichannel customer experiences. Shoppers’ behaviours have changed to reward the retailers who have made it most convenient, yet experiential, to make purchase decisions.