Last month, British consumers experienced record-high temperatures, with many flocking to parks and beaches to drink and eat recreationally with friends and family. Contrasting with the penny-pinching and generally cautious consumer behaviour demonstrated prior, retailers could witness a dramatic loosing of the purse strings.
Whether profits prove sustainable or not, business owners should prepare for the fallout. At the Credit Protection Association, we urge our Members to not only free up cash flow but maintain impeccable financial records. As economical behaviour proves erratic, our Members should scrutinise all business transactions to avoid becoming an insolvency statistic.
Kantar Worldpanel’s Fraser McKevitt said: “With maximum average temperatures hitting 17 degrees and a record 245.3 hours of sunshine, sales of hay fever remedies are up 19 per cent year-on-year… reflecting Met Office predictions of record pollen levels.”
Morrisons led the way among the “big four” supermarket chains with sales rising 1.9pc, boosted by demand for “wonky” fruit and vegetables, which are now bought by 12pc of its customers.