UK retailers can expect to see a surge in summer spending this year, as Brits are set to splash out a total of £9.18bn on holiday preparation, food and drink, and other summery goods – a 2.5% increase on last year.
The figures come from new research commissioned by leading e-commerce partner Webloyalty , which also included a list of the summer clothing retailers that will be most popular among shoppers this summer, with Asda coming in first place.
The study, carried out on behalf of Webloyalty by market researchers Conlumino, found that a total of £2.62bn will be spent on items to take on holiday, £3.83bn will be spent on summer food and drink to be consumed at home, and £2.78bn will be spent on other general summer items, such as seasonal clothes and paddling pools. The bulk of the overall summer retail spend will therefore be seen in food and drink, such as barbeque products and salads. However, the sharpest increase on last summer’s spend will be seen in buying items to take on holiday, which will rise by 3.1% on last year.
This 3.1% rise in spend on holiday items will in part be driven by the greater numbers of people planning to take holidays this year. The survey found that 66% of people plan on taking a summer holiday this summer, a significant increase on the 43% who said they planned on doing so when asked this time last year.
“The economic outlook has been more optimistic this year than the last, which means that Brits are feeling good about this summer and are loosening their purse strings to make sure they enjoy themselves”, said Guy Chiswick, managing director of Webloyalty Northern Europe. “The fact that so many more people are planning holidays this summer than they were at this time a year ago is testament to this.”
Those planning to take holidays this summer are also set to spend significantly in preparation for their trips. Webloyalty’s research finds that the average person is planning to spend up to £546 on items to take on holiday. The bulk of this will be spent on clothing (up to £89 per person), cameras (£94) and other electronics (£66), while the average person will also spend up to £61 on health, beauty and personal hygiene products.
When it comes to clothing, Asda is set to be the most popular in the list of favourite summer clothing retailers listed in Webloyalty’s study, capturing almost a third (31%) of shoppers’ interests. Marks & Spencer comes closely behind at 29%, followed by Primark at 25%. The figures indicated that value retailers and fashion market retailers have increased their market share since last year, by 5.7%pts and 7.1%pts respectively. Mid-market retailers, on the other hand, have fallen in popularity by 2.2%pts since last year, despite holding the majority market share of 68.4%.
“Our research also finds that over half of shoppers will be looking to make extensive use of online channels for pre-holiday shopping this summer,” said Chiswick, “which means that retailers should pay close attention to maintaining a strong online presence in this crucial period.”