New data hints at strong recovery
Retailers are now trading at 75% of normal levels, according to the latest data from Auto Trader.
This is up significantly from January and points to a strong recovery over the coming weeks as physical forecourts fully re-open.
The Auto Trader marketplace has also seen a significant step up in audience performance, which saw 15.2 million cross platform visits in the week ending 21 February. This represented growth of circa 10.3% on the same period last year.
Meanwhile, a number of wider economic factors point to another period of strong retail demand once forecourts are able to reopen. The latest Bank of England findings indicate average household finances are in better shape than they were pre-Covid, with savings levels around three times as much as in any other nine-month period. Further, significant levels of consumer credit have been repaid with outstanding credit to individuals dropping £23bn since February 2020.
Auto Trader’s chief executive officer Nathan Coe, said: “We are seeing early signs of a strong consumer recovery from the latest lockdown. It’s clear that consumers are getting more comfortable with the current buying options available and are anticipating physical forecourts fully opening in the coming weeks. We have seen this in both a step up in our audience performance and our proxy sold data.
“It is critical that retailers are showcasing all of their stock online to maximise current online sales opportunities now, and to ensure that buyers who prefer to wait a few weeks can begin to make their buying decisions. We know April sales come from consumers searching in February and March and with the additional impetus from the plate change we can expect this to be even more pronounced this year.”
