The high street has looked increasingly under threat from a combination of low consumer confidence and the rise of Internet shopping but ahead of the Christmas rush, the latest figures indicate that Christmas may have come early for many retailers.
The figures are reported as extremely strong for the month of September 2015 with sales rising 6.5% year on year. This strong sales growth could indicate that shoppers now feel confident enough to be out in force spending even before the busy weeks leading up to Christmas.
All this of course is great news for retailers not least because it is far better than anyone expected following a slowdown in the pace of the UK’s economic growth. These positive sales figures are also welcome news for other business who indirectly rely on the growth buoyant consumer confidence contributes to the wider economy.
Analysts had expected year on year growth to be 4.8% and the 6.5% recorded for September has led to economists predicting that spending will remain positive for “some months”. The government has introduced a range of measures to get people spending again and it appears that for now at least, those measures appear to be working. Whether all this extra spending will begin to stoke inflation is another matter.