A comment on the GDP figures by Andrew Phillips, Managing Director of V12 Retail Finance Limited.
Andrew comments:
“The latest GDP figures reinforce the picture we have been seeing across the retail finance market in recent months – consumers remain cautious, but they have not stopped spending altogether. Growth may have moderated during the second quarter, but the economy continues to expand despite persistent cost pressures and heightened geopolitical uncertainty.
What we are seeing internally is a more selective consumer rather than a weaker one. Households are continuing to make significant purchases where they see long-term value, particularly in areas such as the home, healthcare and other essential categories, even as they think more carefully about discretionary spending.
The resilience shown in today’s data is encouraging, but the months ahead are likely to remain challenging. Higher energy costs and inflationary pressures continue to weigh on household finances, which means flexibility and affordability will remain critical factors in purchasing decisions. Retailers that can help consumers spread the cost of larger purchases are likely to remain well positioned in this environment.”
V12 Retail Finance, part of the Secure Trust Bank Group, is one of the UK’s largest specialist providers of retail finance offering point of sale credit to customers of retail partners for over 20 years.
Commenting on the latest UK GDP figures, Neil Wilson, Investor Strategist at Saxo UK says: “Relatively robust GDP figures indicate the UK economy is holding up okay despite the pressures from the Middle East conflict, inflation and a soft labor market. +0.4% was slower than Q1 but not excessive. Monthly figures always should be taken with pinch of salt, but the early indicators suggest June saw a decent uptick. Not sure if it’s a Burnham Bounce?!”
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