Strong sales of homewares at north London’s Brent Cross Shopping Centre over the past few months suggest that customers have rushed to purchase in advance of today’s Spending Review.
The centre has seen an increase in sales since May this year, with a particular focus on homewares, fashion and technology. It believes shoppers have been looking for quality and luxury purchases ahead of the cuts being announced today and the VAT increase, due to come into effect in January.
According to head of marketing at Brent Cross, Norman Black: “Our customers are apprehensive about the forthcoming Spending Review and January’s VAT increase, so they’re spending now on quality items before they have to pay more, or have less disposable income.
“Fashion and technology have performed well since the start of the summer, but last month also showed a very strong performance for homewares. It’s a little early to tell, but this could be a result of house prices starting to fall again, so people are deciding to do up their homes and stay put rather than move.”
Major stores within the centre include John Lewis, Fenwick and Marks & Spencer.
Chancellor George Osborne will deliver his Spending Review statement at 12.30pm today.