Don’t write off ‘Olympic effect’ on High Street just yet, says PwC

RETAILERS in the West Midlands are being advised not to write off an Olympic-inspired boost to sales figures over the next few months by sector specialists at accountancy firm PwC.

Figures released today by the Office of National Statistics (ONS) have revealed that retail sale volumes increased by 0.3% in July and the revised figures for June are also better than expected, indicating growth of 0.8%.

Andy Lyon, partner and retail expert at PwC in the Midlands, said: “Despite some reports of quieter than expected trading during the Games, particularly in London, retail sales in general appear to have been stronger than expected in recent months and there may well be more to come.

“The Games have also instilled a sense of pride in the brand of Britain – a message which has been communicated around the world. This likely to result in more visitors to the UK in the coming months and of course they will be spending money while they are here.

“As today’s retail sales figures appear to confirm, there is an almost palpable improvement in consumer confidence and this will help to encourage more spending on the High Street and online.”

The London Games have been described as a digital media watershed equivalent to the 1953 Coronation when record numbers of people watched the TV for the first time. According to the BBC, online users of digital viewing platforms reached record levels.

Lyon added: “The popularity of the BBC’s various digital viewing platforms during the Games will have boosted consumers’ familiarity with such technologies.

“For retailers, there may now be an opportunity to exploit this by stepping up their online marketing and trading activity.”