Mother’s Day was the saving grace for retailers in March

The king’s coronation in May could keep the momentum going, says Myron Jobson who comments on BRC retail sales.

Commenting, Myron Jobson, Senior Personal Finance Analyst, interactive investor, says: “Mother’s Day was the saving grace for retailers during an otherwise downbeat sales period, with the unusually wet weather - even for March - and the cost-of-living squeeze on budgets keeping shoppers at bay. But despite these headwinds, many shoppers were out to buy jewellery, perfume, flowers and other goods as a token of appreciation for their mother or mother figure.

• Invest with ii: Open a Trading Account | Cashback Offers | Free Regular Investing

“Similar to the shopping trend for Valentine’s Day in February, there appears to be a cohort of shoppers who bought gifts in advance of the celebration to guarantee product availability and allow for potential shipping delays, but there was also a large number of last-minute sales.

“As inflation continues to run hot, shoppers continue to face hard choices over how to spend their money amid the cost-of-living crisis. More and more consumers are having to stretch their budgets to keep on top of rising prices, with little to spare for nice-to-have quality of life boosting purchases – illustrated by falls in spending at restaurants, home improvements and on clothing.

“With King Charles’ coronation around the corner, the hope now for retailers is the Mother's Day boost in sales in March will create momentum, along with the feel-good factor that comes with sunnier weather, to bolster sales despite the raging cost-of-living storm.

“The king’s coronation celebration could give retail sales a much-needed shot in the arm amid the cost-of-living crisis - similar to last year’s Platinum Jubilee celebration.”