A compound annual growth rate (CAGR) of 2.20% has been forecast for the UK retailing market between 2012 and 2017.
Consumers have been reacting to the effects of the global recession and the following recovery period on their discretionary spending - retail markets have been no exception. While the country by country market changes have varied, nowhere has been left totally untouched.
In September 2013 the quantity bought increased by 2.2% compared with September 2012 and by 0.6% compared with August 2013. With three month-on-three month growth rates increasing for seven consecutive months these estimates show an underlying trend of growth in the retail industry.
Of the four main retail sectors, non-food stores and non-store retailing saw an increase in the quantity bought in September 2013 compared with September 2012, with increases of 3.6% and 19.1% respectively.
According to a recent market report, 'The Future of Retailing in the UK to 2017,' general retailers represent the largest channel group with hypermarkets, supermarkets and hard discounters recording the highest sales among the various channels under the general retailers channel group over the past four years.
Convenience stores (including independents) and gas station channels recorded the second highest sales.
Clothing, sportswear, homewares, DIY, furniture and curtains and floor coverings should do well as a result of the fact that consumers have a little more to spend but the housing market will grow rapidly. In contrast electronics, music, books, entertainment, and leisure will continue to suffer declines.
Consumers in the UK have been purchasing private label products as they cut back on their spending, believing them to be of similar quality as national branded products.
Click and Collect services have been gaining popularity in the UK retail market as more and more shoppers prefer to pick up their online purchases in-store.
For more information on the UK retailing market, see the latest research: UK Retailing Market
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