Offering shoppers discounts and incentive is the way to drive retail sales growth says mobile finance provider Pockit.
Retail spending has increased according to new figures released by the Office for National Statistics. According to the figures, retail sales in May increased by 3.3% compared to a year ago. The total amount spent in the retail sector between 29 April 2012 and 26 May 2012 is estimated at £26.4 billion, non-seasonally adjusted, up from £26.0 billion in April 2012 and £25.6 billion in May 2011. This equates to an average weekly spend of £6.6 billion in May 2012.
Danny Jatania, Chairman and CEO of Pockit (www.pockit.com), said, “In recent months, the weather has been a major influence on buyer habits and in the UK, that will never be a robust growth driver we can rely on. We are still lacking the confidence to spend consistent amounts every month.
“What we are seeing from our service is that people are still spending but they are putting more thought into obtaining discounts and attractive bargains. This is what will continue to play a key role among shoppers: engaging them through incentives that will drive spending activity, not just on the high streets but online as well.”