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Posts tagged economy
Retailers Optimistic About Christmas Spending
Nov 4th
Everyone knows that Christmas is a very important time in retail especially after a difficult year. This Christmas may be make or break for several retailers who have struggled during the recession. Many are hoping that increased consumer confidence will result in a bigger spend this year than in 2008 when £43.9bn was spent.
Unlike last year retailers are feeling ‘cautiously optimistic’ that this Christmas will bolster their profits. Marks and Spencer have reported better than predicted profits over the last 6 months. They saw improvements in clothing and food sales are are hoping for good sales of historically popular items such as Christmas hampers and other gifts.
“We have had a good start to the third quarter. The market remains competitive and we remain cautious about the outlook for Christmas and the year ahead.” – Executive Chairman Stuart Rose
Online retailers have recently been hit by the Royal Mail strike with 2/3 reporting a 30% fall in revenue despite most offering alternate delivery methods. Two thirds of E-tailers are considering giving up on the Royal Mail for good after the strike has ended. Considering that other delivery companies seem to be more reliable and just as efficient this isn’t a surprise. This could be the beginning of the end for the Royal Mail.
Retailers Concerned About Christmas Spending
Sep 30th
Retailers are concerned about the possibility of a frugal Christmas despite signs of stabalisation on the high street. Some companies reported rises in sales in September after four months of reduced spending. There is still concern however that some stores will be forced to close for good if they do not do well over the holiday period.
The golden quarter has the ability to make or break. The first quarter of next year will see further distress in the retail sector. I think there will be a few [retailers] coming down with the Christmas decorations.
Retail specialist Robin Knight
A recent survey of consumers found that most intended to spend 15% less than last year on Christmas presents. They expect to spend around £267 on presents and £28 on decorations. Food and drink remains a priority however with an average spend of £182.
One of the most well know names on the high street Marks & Spencer have reported an improvement in sales with the three months to September 2009 only seeing a 0.5 percent drop like-for-like sales from last year. Christmas is a very important time for M&S and a good Christmas would help them to end 2009 on a positive note. Last year they used unprecedented sales to try and lure in hesitant shoppers towards the end of November. They are hoping that their Christmas hampers and other gifts will boost this year’s earnings.
40% of Britons Unable To Save
Sep 17th
A recent survey has shown that almost half of Britons are unable to save. Only 60 percent of those asked managed to put money into their savings account each month, saving on average £206. Back in January 34% said that they were unable to save. Of those who were able to top up their savings 65% used instant access savings accounts.
Another survey back in July found that a quarter of people had no savings put aside at all. With unemployment still rising those who are not saving must be concerned about what will happen if the are made redundant. We are lucky enough in this country to have support systems in place for those out of work but it is still not a good time to be job hunting.
Those unable to save should console themselves with the fact that ISA interest rates have hit an all time low. Its great to have saving to fall back on but those savings wont be growing by much until the economy recovers.
Why Are Blonde Haired, Blue Eyed Models Suddenly More In Demand?
May 8th
Fashion advertisements are suddenly being dominated by blonde haired blue eyed models. Where once you would see a selection of different looks selling luxury gifts modelling agencies are seeing increased demand for a more traditional look. Quirky, androgynous edgy looking brunette are apparently not what we want to see during a recession.
“Advertisers, they claim, no longer want the quirky faces that have dominated the catwalks, billboards and weekly glossies in recent years. Instead, they’re searching for safe, wholesome-looking girls with flaxen manes who will reassure rather than shock the consumer.”
Some have suggested that blondes are considered more trustworthy and upbeat. A friendly face will sell more handbags because what we need during tough economic times is something dependable and positive. It could also be assumed that stylish rather than fashionable items will sell better as something that is timeless will provide more wear for the price.
“Blondes are a safer bet for clients who want to hedge their bets. Plus when we’re constantly surrounded by bad news, that blonde stereotype is zingy and upbeat.”
Sarah Doukas, Storm.
There are some interesting theories as to why young blonde haired women are considered beautiful. There is nothing new about blondes being considered the embodiment of the feminine ideal according to evolutionary psychologist Dr Lance Workman:
“Men in the northern hemisphere were drawn to physical signs of youthfulness because women have a limited period of fertility. Fair or lighter coloured hair is one of these signs because hair darkens the older you become.”
Not everyone is banking on blondes however, Paul Smith recently showed his Winter 09 RTW collection which featured mostly brunette models. Others are using ‘healthier’ looking models (this is fashion-speak for less skinny) probably as a response to controversy surrounding size 0. This might also help to sell, to men at least, as apparently Men prefer bigger women during a recession.
Bank Account Holders Concerned About Data Loss
Mar 31st
A recent study has shown that customers in the UK are concerned about data loss by their banks to the extent that they would move their savings or business account if information was lost. Security is a big concern and although the government has lost sensitive data on more than one occasion so far most of the major banks have not. The study, which was undertaken by ArmstrongAdams risk management, will make compelling reading for the banks in what is now an even more competitive market.
55% of bank account holders would move their savings account if their existing provider lost the personal data of their customers. 22% were “very likely” to switch and 19% were “certain” they would switch current account.
“The survey results clearly show the continuing concerns that British consumers have with regard to the security of their personal information held by British banks as well as the safety of their money. And although the survey only looked at personal bank accounts, it, it is not an unjustified extrapolation to say that all financial institutions that deal with large amounts of customer data should continue to pay serious attention to the concerns of their customers and ensure they are taking a very robust approach to information risk management.” -Tim Kipps
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