Happy Monday as shops bounce back into business
April 12, 2021
The weather forecast and the financial forecast is set fair for the return to retailing this Monday with analysts predicting a rapid bounce-back as older consumers come back into the flooring market.
“Based on our data and experience after previous lockdowns, we know that shoppers are excited to get back to the high street and we’re expecting pent-up demand to fuel an immediate surge in sales," says Simon Quirk of retail analysts Kantar.
"Last year, footfall was driven by young people but older shoppers, now largely vaccinated, are much more eager to get back to shops this time around, he said.
Similarly, McKinsey & Company’s Consumer Sentiment Survey highlighted that increasing optimism among shoppers will lead to an increase in spending. It found that 47% of respondents are intending to spend in 2021.
Evidence from retail analytics consultancy Ipsos Retail Performance shows that although some shoppers were slow to return to non-essential stores after the first lockdown, the return to the shops was far stronger on re-opening after the second lockdown in November. Then footfall during the first week after that lockdown was lifted stood at 65% of the corresponding week of 2019.
The flooring sector outperformed the High Street in general in both these periods and so can expect the effect to be even greater.
Ipsos director Tim Denison says about today's return: "I expect to see shoppers pick up where they left off last time around, with non-essential store footfall bouncing back to two-thirds of the levels before the pandemic struck.
"This time around, of course, we have the added advantage that the vaccine rollout is well underway, and this may give some of the elderly who had been reluctant, after previous lockdowns, added reassurance to venture out. From a behavioural science perspective, we believe that all the elements are in place for this to happen," said Tim.
The flooring sector outperformed the High Street in general in both these periods and so can expect the effect to be even greater.
Ipsos director Tim Denison says about today's return: "I expect to see shoppers pick up where they left off last time around, with non-essential store footfall bouncing back to two-thirds of the levels before the pandemic struck.
"This time around, of course, we have the added advantage that the vaccine rollout is well underway, and this may give some of the elderly who had been reluctant, after previous lockdowns, added reassurance to venture out. From a behavioural science perspective, we believe that all the elements are in place for this to happen," said Tim.
The April 12 re-opening applies to England and Wales. Many furnishing stores in Scotland have already re-opened with the rest of non-essential shops due to re-open on April 26. The Northern Ireland government is yet to confirm plans.
The weather forecast for most of the UK is sunny and dry for most of the next two weeks which should also help shoppers venture out, though they'll need to wrap up well in chilly temperatures!
Stores can open later as the Government have waived local restrictions on opening hours to help retail get off to a flying strat and help manage anh overcrowding issues.
Face masks and other social distancing measures are still required, at least up until June 21 by which time a further announcement will have been made.
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The British Furniture Confederation (BFC), the public affairs umbrella body of furniture and beds, furnishings and flooring sector trade associations, has unveiled its new Plan for Growth. The document is said to support BFC’s advocacy across four key pillars: skills and education; trade and exports; standards and regulations; and the environment and circular economy. It has been developed over the past few months, the organisation says, evolving from a combination of position papers written by the associations’ executives and a comprehensive survey of their collective members.
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