Is this the end of UK's retail boom?
Is this the end of UK's retail boom?
- Three factors explain why the pundits who confidently predicted carnage in the high street after the Brexit vote were wrong: consumer psychology; policy changes; and the economic fundamentals underpinning consumer demand. Taking those points in reverse order, spending was supported by rising employment, low interest rates and rising real incomes. The big slump in oil prices at the end of 2015 had pushed down inflation and reduced fuel bills. Individuals were getting better off, had lost their fear of being made redundant, and had more money left over when the essentials were paid for.
- Three factors explain why the pundits who confidently predicted carnage in the high street after the Brexit vote were wrong: consumer psychology; policy changes; and the economic fundamentals underpinning consumer demand. Taking those points in reverse order, spending was supported by rising employment, low interest rates and rising real incomes. The big slump in oil prices at the end of 2015 had pushed down inflation and reduced fuel bills. Individuals were getting better off, had lost their fear of being made redundant, and had more money left over when the essentials were paid for.