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Brits in a shopping mood Germans rather frugal

by Financial Economy

Brits in a shopping mood, Germans rather frugal. While the retail sector is in dire straits in this country, stores in the UK have increased their sales – and even sold more than in the previous year.

Brits in a shopping mood, Germans rather frugal

The British retail sector has apparently long since recovered from the corona crisis: sales have been higher for months than before the crisis, and in October British retailers once again significantly increased their sales. According to information from the British statistical office ONS on Friday, sales were 1.2 percent higher than in the previous month. Compared to the same month last year, an increase of 5.8 percent was achieved. The expectations were clearly exceeded in each case. The current sales growth was the sixth in a row.

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The ONS cites two factors as reasons for the significant increases in sales: On the one hand, British consumers may have brought some of their Christmas sales forward, possibly also to forestall a possible lockdown. On the other hand, the high discounts in many shops are likely to have reinforced this trend. The German retail trade recently reported gloomy forecasts: According to a survey by the trade association HDE, 60 percent of downtown retailers see themselves in dire straits; in September sales fell by 2.2 percent compared to the previous month.

While the HDE is now relying on the discount days “Black Friday” and “Cyber ​​Monday” and is expecting record sales there, according to a representative survey, consumers have little interest in excessive consumption. According to this, only half of consumers plan to shop on the two shopping days at the end of November. For comparison: Last year two thirds of the consumers surveyed wanted to use the discount days for shopping. According to the survey, the planned shopping budget has melted down in the corona crisis: On average, only 205 euros are earmarked for “Black Friday” shopping this year. A year ago it was 242 euros.

Source: https://www.spiegel.de/

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