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Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Subscribe to access this data or take out a free 30 day subscription trial now.
Electricals sales dropped 00% YoY in July, but remained 4.1% higher than the equivalent pre-pandemic period in 2019, according to the Retail Economics Retail Sales Index.
Total retail sales rose by 00% YoY according to the Retail Economics Retail Sales Index (value, non-seasonally adjusted).
Spending on ‘social’ components of the consumer spending basket (e.g. hotels, restaurants, pubs and air travel) rose by 59.5% YoY in July. This was considerably higher than overall consumer spending which rose by 12.3% as consumers put off ‘delayable’ purchases such as luxury items and household goods (Bank of England).
The switch away from shopping was confirmed in separate data from Barclaycard which found that spending on entertainment saw growth for the first time since the pandemic began in July, as consumers bought tickets to the theatre, cinema and sporting events.
As such, there was a surprise month-on-month fall of 00% in retail sales between June and July (ONS), uncharacteristic for this time of year. Indeed, it was the only month-onmonth fall between June and July in the last decade.
After five consecutive months of easing, online penetration unexpectedly ticked higher in July, rising to 00% of total sales, from 26.2% in June.
Retail Economics forecasts total Electricals sales to rise by 00% YoY in 2021, with annual sales set to reach £22.0bn overall. This marks a slight moderation on the strong performance seen over 2020 (+3.1%).
Retail Economics forecasts Online Electricals sales to decline by 00% YoY in 2021, following record growth in 2020. The re-opening of stores will see some spending revert back to physical channels, although online penetration will remain higher than pre-crisis levels, indicating a permanent step-change in consumer behaviour.
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Retail Economics publishes monthly Retail Reports for the UK Electricals sector giving you actionable insights for your business.
It provides in-depth analysis of the latest macroeconomic and consumer trends affecting the UK Electricals sector including market size estimates for: Audio & Visual Electricals, PC and Tablets, Large Household Appliances, Small Household Appliances, Computer Software, Games Consoles, Telephone, Fax, Small Domestic Appliances, Personal Care and more.