David McCorquodale, KPMG head of retail, comments on the latest ONS Retail Sales figures for July 2015.
“The combination of glorious weather at the beginning of the month, and the start of the school summer break, has resulted in a well-earned boost to the high street with parents keen to get their children decked out and ready for their holidays.
“Grocers continued their struggles in July, with wet weather towards the end of the month meaning that summer lines and barbeque products have stayed firmly on the shelves.
“With summer in-store promotions being slightly delayed and rolling in to July this has proved the perfect time for consumers to go out and bag a bargain, with sales of homeware in particular hitting their peak. This could be seen as a knock on effect from increased confidence in the housing market, plus steady growth in wages and more disposable income in consumers’ pockets due to further drops in oil prices.
“With Bank of England policy makers predicting that interest rates will hold fast for the short term at least, non-food retailers should be optimistic that this positivity will continue through the summer months.”
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Angela Pink, Communications Executive
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.