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No UK Economic Boost from London 2012 Olympics

The Olympics, far from being the boost for sales that was predicted, saw August as the weakest month for sales growth this year.

What happened to all the surveys that reported that an economic boost over the Olympics that could bring the country out of recession?

The expected feel good factor from the London 2012 Olympics didn’t appear to return the much hoped for and expected increase in sales throughout the UK. Women’s clothing, furniture and related home items were worst hit

Were the Great British public too immersed in the Olympic Games to spend time shopping?

Quite probably so, as there was a slight increase in the sales of ‘party food’, could this be because everyone was watching the games at home on their TV or ipad?

The British Retail Consortium said “The feel good factor from the Olympics failed to inspire spending,”

In particular, online shopping grew 4.8% in August, the lowest increase since the BRC started collecting the data in October 2008.

“There’s no evidence here of any Olympic boost to retail sales overall, hot weather and the Olympics did help sales of party food and drink but that was more than offset by a really weak performance for non-food goods” said BRC director general Stephen Robertson.

Figures, according to the Local Data Company show that on average, 14.6% of shops in the UK remain closed. This according to the LDC is caused by a dramatic drop in consumer spending, higher online sales and retail space expansion.

We can only hope that as the run up to the Christmas shopping market begins, that the drop in August sales will be just a glitch and that the public who ‘put off’ buying at that time will do so in the next three months.

Read the full article from BBC News  http://www.bbc.co.uk/news/business-19468578

 

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