Commenting on the latest ONS Retail Sales figures, Euan Murray, relationship director and retail sector expert at Barclays Corporate Banking, Scotland said:
“In October’s battle for share of the consumer wallet, it was James Bond, Scottish cinemas and hospitality and leisure businesses in general that emerged victorious. Retailers saw their share of non-essential spending fall, as consumers opted for experiences rather than goods.
“And while hotels in Glasgow and the surrounding areas benefitted from the COP26 climate summit, retail and hospitality generally reported a drop in trade as those in the city and commuters were encouraged to stay at home.
“However, it wasn’t a case of “No Time to Buy” for Scottish shoppers – as spending on essential retail did hold firm. In fact, the key retail battlegrounds of Clothing, Food, General and Home have seen spending figures that are significantly higher than their pre-pandemic levels. This has been driven primarily by online spend, even as ‘bricks and mortar’ premises have fully reopened.
“Looking ahead, supply chains and product margins are likely to be top of the agenda for Scottish retailers as we enter the festive period – but consumers won’t care about that. They just want to see products on the shelves in time for the holidays, so retailers will already be on a mission to make that happen.”
Barclays Bank
Barclays Bank PLC is a high street bank with branches throughout the UK. They offer many services including personal banking, loans and advice when purchasing a home or a car.
