GB : Consumer Discretionary - overall - Now in an upgrade cycle

We are bullish on the retail sector in the short-term and also on a one to two year view. UK households are sitting on an estimated c. £170bn of excess cash waiting to be spent as the phased re-opening has begun. We still see an exciting mix of opportunities across our coverage universe that can capitalise on this pent-up demand. These include: deep value and recovery plays, where market caps sit well below historic levels; long-term growth and structural winners, particularly those emerging from COVID-19 as stronger and better positioned businesses; and ‘re-opening’ trades set to enjoy a boost over the coming weeks and months.

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