One of the main consequences of the recession was a decline in consumer confidence. Consumer’s loss confidence in enterprise and preferred to plan for future economic instability by saving. However, as figures from the Office of National Statistics confirm, consumer confidence is relative to many seasonal factors; remember lasts year when we enjoyed a brief spell of good weather and retail revenue increased by 2 %?
Well, as the biggest sporting event, The World Cup, approaches many business analysts are predicting a huge uplift in consumer confidence and subsequently spending. But are the UK’s company formation and business owners prepared?
According to a recent report by the Federation of Small Businesses, over sixty per cent of all small business and company formations are not prepared for the World Cup.
Human resource expert, James Matthews, comments; “While the retail sector will have prepared for an onslaught in consumer spending, it is vital that employers also make adequate provisions for the World Cup.”
“Despite the fact that the country is officially out of recession, the economy remains fragile and subsequently employees are still dealing with the threat of redundancy and pay cuts. Making the effort to recognize and celebrate the World Cup within an office environment will improve staff sick leave and increase morale.”