Point of sale credit provider Pay4Later has welcomed the Budget announcement enabling shops to extend Sunday trading. The company believes the move will prevent more shops on the high street from going out of business.
CEO at Pay4Later CEO Scott Law said: ?Expanding Sunday trading hours will help create thousands of new jobs and save high street shops across the country, which are under massive pressure.
?The way we shop has changed, and the law needs to change to reflect that, as currently high street stores are losing sales due to Sunday trading restrictions.
?The amount of shopping online is growing rapidly, and allowing more shops to open for longer on Sundays will increase their footfall and boost sales. Shoppers will welcome?greater choice in how and when they shop.?
Analysis of industry data by Pay4Later reveals that in 2014, the average weekly online spend was ?718.7 million. This was an increase of 11.8% on the previous year and more than double that in 2009.
Around 59% of the retail consumer credit deals arranged through Pay4Later?s finance platform are arranged online, as opposed to physically in shops, which is another indication of the growing strength of online shopping.