Almost three-quarters (72%) shared that they are expecting that retailers across the region will perform as well or better on Black Friday compared to last year – with 42% expecting to see an improved performance.
The clear message was that improving job market and rising wage levels means Midlands retailers are expecting to see a strong end to 2015, kicking off with 'Black Friday' on the 27th November.
Three-quarters (74%) also anticipate an improvement in consumer confidence in the region in the coming three months, compared with the previous three months. This is up on the same period in 2014 when 57% expected to see consumer confidence rise.
When we asked about the drivers behind this change, the improved job market in the region was identified as the main factor, followed by higher average earnings and improved levels of disposable income.
I believe that retailers have learned a lot from previous Black Fridays, as well as Cyber Mondays, and many have obviously planned carefully this year to manage demand and maximise the impact on the crucial pre-Christmas trading period. And although some have reported lower demand while shoppers wait for the deals, retailers should reap the rewards in the coming weeks as consumer confidence rises fuelled by wage growth which is rising at the fastest rate in eight years.
We also asked our attendees about their views on the future of the Midlands as a retail centre. All agreed that a raft of new retail developments and openings in Birmingham has put the city "back on the map" as a retail centre with a halo effect on the wider region. The experts' view being that this retail growth is not just a bubble - with an overwhelming 97% saying they were confident in the long-term sustainability of the retail sector in Birmingham.
A sentiment with which I wholeheartedly agree.
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