Revealed: Business confidence for the retail sector in the UK has risen by 106 per cent since last year!
Posted by: electime 19th April 2021
- Nexus Global reveals that Business confidence in the UK has risen by 106 per cent since last year (May 2020).
- UK retail businesses are most assured about the overall health of their business yet least assured about giving bonuses to employees.
Over the past year the pandemic has thrown drastic obstacles in the way for UK retail businesses, with shops having to close for months on end. But with non-essential shops welcoming back customers on Monday, it seems retailers are confident that shoppers will feel confident about returning to stores.
Nexus Global surveyed senior managers in retail businesses across the UK to determine how confident they feel at present regarding the current economic climate. According to the findings, business confidence levels in the retail sector have risen by 106 per cent since last year. With retail businesses are most assured about the overall health of their business yet least assured about giving bonuses to employees.
To determine the figures, respondents were asked (on a scale of 1-10) how confident they feel at present regarding the following aspects:
| Aspect | Business Confidence Score (2020) | Current Business Current Score (2021) |
| Overall health of the business | 5.0 | 6.2 |
| Happiness of employees | 4.9 | 6.3 |
| Expectation of next year’s revenue to increase | 5.1 | 6.1 |
| Industry demand | 4.9 | 6.1 |
| Not having to make redundancies | 5.1 | 5.3 |
| Business competition | 5.2 | 6.1 |
| Industry growth | 4.7 | 5.6 |
| Expansion of products / services | 4.9 | 5.9 |
| Launching new products / services | 4.6 | 6.1 |
| Positive cash flow situation | 4.9 | 5.9 |
| Business growth | 4.6 | 5.5 |
| Investing in areas of business | 4.7 | 5.9 |
| Increase in sales / clients | 4.7 | 5.6 |
| Increase financial investments | 4.7 | 5.6 |
| Overall health of the local economy | 4.5 | 5.2 |
| Hiring new employees | 4.3 | 5.0 |
| Increase wages across the business | 4.4 | 4.8 |
| Giving bonuses to employees | 4.5 | 4.5 |
| Overall health of the country’s economy | 4.4 | 5.0 |
| Total Score: | 51.6 | 106.7 |
Commenting on the report findings, John Westwood, Managing Director, says: “A rise in confidence levels among UK retail businesses is an encouraging sign and paints a much more positive forecast for the future after such an unsettling and turbulent period over the past 12 months.
Looking forward, business confidence levels will be a key factor to influence the pace of consumer spending once lockdown measures ease. This change in behaviour will need to see businesses adapt if they stand a chance of seeing growth.”
For more information follow the link to click through to individual sectors to discover more in-depth information on the current climate and future predictions. https://www.nexus-global.net/business-confidence-report/
