The quarterly M&S Family Matters Index has revealed that family optimism has reached its highest level in almost two years to 45% – marking a significant improvement from September 2022’s record low figures when optimism hit 32% as inflation soared to 10.8%
The retailer‘s Index found that one in three consumers (32%) now feel more in control of their families’ finances and are looking to make the most of the summer holidays – with 37% seeing the summer break as an opportunity to spend more quality time with loved ones.
Despite the cost of living crisis being front of mind for four in five people, the prospect of warmer weather, exciting events and holidays are helping to drive a more positive outlook.
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This summer, almost half of the population (45%) have at least one event such as a wedding, sporting event or concert to look forward to and half of families are planning a staycation or holiday abroad and Europe is the destination of choice according to data from M&S Bank.
Over half (55%) of international holidays planned were beach holidays, which accounted for the three consecutive record-breaking weeks for the M&S Holiday Shop collection.
Sales of beachwear were up 46%, linen was up 22% and swimwear rose 11% between April and June.
Value continues to be a priority this season with 62% placing this as their single top priority; marking a 4% increase since January, correlating with shopping habits seen at M&S.
M&S’ Remarksable value range – which is made-up of over 100 everyday staples from vitamin-D enriched soft white medium sliced bread loaf, 800g (70p) to Simply British Free Range Mixed Eggs, x6 (£1.25) – now features in 20% of M&S’ customer baskets.
The retailer’s latest index comes just days after chief executive Stuart Machin said Gove’s rejection of its Oxford Street plans was “laughable” and “utterly pathetic”, adding that the ruling meant that he must now review its future on the famous shopping strip, considered the prime retail location in the country.
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