Skip to content
Search

Latest Stories

Submit Guest Post

Summer of spending

by NADEEM BADSHAH

WORLD CUP AND HEATWAVE HELP TO BOOST RETAILERS’ PROFITS


ASIAN shopkeepers are celebrating a hat-trick of boosts to their trade – the heatwave, the World Cup and India’s cricket tour of England.

The UK economy has benefited by an estimated £1.6 billion alone from the football tournament in Russia, which saw the England team defy their critics to reach the semi-finals, thanks to spending on flat-screen TVs, food and drink.

Another factor has been the sunny spells which are forecast to last until the end of August. And traders are expecting the increase in sales of snacks and cold drinks to continue with India’s five-match Test series against England starting on August 1 at Edgbaston.

Sandeep Sandhu, who works at the Maypole Store and Post Office in Stratford-Upon-Avon, Midlands, said “the weather and football has been a good combination.”

He told Eastern Eye: “Cider, water, soft drinks have been flying off the shelves.

“Our £1 line of crisps, roasted nuts also. I am or­dering every week now, last year I was ordering once a month roughly.

“I play cricket myself, it is lovely weather for it. People thought the sugar tax on Coke would impact sales and people would buy Diet Coke, but sales of Coke in my business have stayed the same since the tax in April.

“You can see the difference, customers have a smile on their faces with England reaching the World Cup semi-finals and the sun being out.”

Research by payment firm Visa said spending on its credit and debit cards was 0.7 per cent higher than in June last year following a 0.9 per cent in­crease in May.

Mark Antipof, chief commercial officer at Visa, said the heatwave and the football had led to strong increases in spending in restaurants and bars.

Spending in shops and retailers also grew more quickly than online for a second month in a row, the first time that has happened since 2012.

Meanwhile, data has suggested Britain’s economy grew more strongly in the second quarter of 2018 than in the first three months of the year.

Ajit Atwal, who owns a petrol station and garage in Derby, Derbyshire, said: “There’s been a massive increase in sales of soft drinks, bottles of water; 95 per cent at least.

“Also, energy drinks; I have never sold so many in my life. Although the football has energised everyone.”

Jaffer Kapasi, from the East Midlands Chamber in Leicester, said other sectors which are enjoying a summer boom include garden furniture, electronics and ice-cream.

He told Eastern Eye: “The impact of the World Cup in conjunction with the heatwave has had a very positive impact in that feel-good factor, leading us to spend more on food, drinks, barbecues and parties.

“Businesses and other activities at home coming to a standstill to watch football and also the Indian cricket tour.

“The other impact is the people have to resched­uled their other diary commitments – to give priority to either football or cricket.”

Add EasternEye As Your Trusted Source
preferred source on google news

More For You

Housing

House price-to-earnings ratios have improved across much of Britain, but affordability varies sharply between regions

iStock

UK homes are more affordable than they’ve been in 11 years. Here’s where buyers still struggle

  • The average UK home now costs 7.3 times average earnings, the lowest ratio since 2015.
  • Elmbridge in Surrey is Britain’s least affordable local area at 17.4 times earnings.
  • Inverclyde and Aberdeen are among the most affordable, at 3.5 times earnings.

Buying a home has become more affordable relative to earnings than at any point in 11 years, but the improvement is far from evenly spread across Britain.

According to new Lloyds analysis, the average UK home costs around 7.3 times average earnings, down from 7.6 a year earlier and the lowest price-to-earnings ratio recorded since 2015.

Keep ReadingShow less