Hit the summer sales and make your cash go further

29 June 2012 08:56:59

Shops have launched big sales this summer.

If you've been needing to revamp your wardrobe for some time but are keeping an eye on those pennies, now might be the time to hit the shops. The majority of stores are now holding sales in an effort to attract shoppers. This means there are some real bargains to be found and, with the right credit card in your wallet, you could even earn yourself a little cashback in the process.

Struggling shops launch summer sales
You won't have to look hard to find a good sale at the moment, with three-quarters of shops advertising discounts in recent days. New research by PricewaterhouseCoopers (PwC) indicates that 73% of shops were holding sales last week, compared with just 40% at the same time three years ago.

In addition to the ongoing economic troubles which have caused people to cut back on spending, the high-street has undoubtedly been hit by the recent spells of unseasonable weather. Perhaps unsurprisingly, therefore, price discounts are higher than in previous years, with the average discount being advertised last week working out at 47% off, compared with 45% in 2011 and 2010.

Christine Cross, chief retail adviser at PwC, which surveyed 100 retailers, said: "UK consumers are good at celebrating jubilees, football prowess or potential Olympic glory, but they are proving less willing to part with their cash except when the sun comes out or goods go on sale. Clothing purchases are weather-related and canny consumers also know mid-June means worried retailers who need to clear stock to leave room for new lines."

Make the most of sales with a cashback card
The need for heavy discounting may be bad news for the retail industry, but it is likely to be welcomed by those of us who are hungry for a bargain. And you can give yourself an extra boost by doing your spending on the right kind of credit card. If you're likely to go on a big spending spree, then you might want to consider taking out a card that offers 0% on purchases for several months. This will give you extra time to pay off the debt without incurring interest.

Alternatively, if you're in a position to pay your card balance off in full each month, then you should take a look at credit cards that offer rewards for spending. Some allow you to build up loyalty points, while others pay a small amount of cashback on purchases. This means that in addition to making savings in the summer sales, you could earn enough cashback to treat yourself a little further down the line.

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