Britain’s haul of gold medals may not have done much for High Street sales while the Olympics were on, but they have created a ‘feel good’ feeling that may well translate into higher sales of every kind after the Olympics are over.
One of the most important factors for all sales including housing transactions and mortgages is sentiment; when people feel good or have even the smallest feeling that prices may rise then sales increase; conversely, when people feel gloomy or insecure sales drop.
Of course being August and mid-holiday season it will be hard to see the uplift in sales, if indeed one occurs and September is most likely to be the recipient of any increase.
Traditionally Autumn has always seen an increase in transactions and it will be interesting to see if the number of low fixed rates hitting the market at the moment, together with the Government’s Funding for Lending will reverse the dip that has occurred this summer.
What may be of most benefit Olympics wise is the inspiration factor that the athletes have generated.
There must be few people who can fail to be impressed by the lengths that every athlete has gone to even to make it to the games. If the Games inspires people to embody even a little bit of that Olympic spirit then the success factor will spread much wider than the area surrounding Stratford.
To mimic the Olympic athletes even a small amount and bring that determination to succeed into our own businesses could well make every business a little more successful than it would otherwise have been while clients may well be inspired to take action where previously they were hesitant to proceed.
It may be a long shot – and not in the discus sense of the meaning – but the feel good factor, together with the passion and enthusiasm that has swept the nation over the past two weeks, may yet pay dividends this year.
Jon Round is chief executive of First Complete