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Financial News: UK BRC Retail Sales Fall In April

UK BRC Retail Sales Fall In April

05/10/2022 - 02:11:00 (RTTNews)

(RTTNews) - UK retail sales declined in April as consumers reduced their spending amid rising cost of living, data compiled by the British Retail Consortium and the advisory services firm KPMG, showed on Tuesday.

Total sales were down 0.3 percent in April from the last year, the first fall since January 2021. At the same time, like-for-like sales decreased 1.7 percent annually.

The rising cost of living has crushed consumer confidence and put the brakes on consumer spending, Helen Dickinson, chief executive at BRC, said. Sales growth has been slowing since January, though the real extent of this decline has been masked by rising inflation.

Paul Martin, UK Head of Retail, KPMG, said with interest rates and inflation rising and the Bank of England warning of a possible recession, the squeeze on disposable household income is starting to have an impact on the high street. Against a backdrop of falling consumer confidence, the retail sector has a bumpy time ahead as they face spiraling cost pressures from all directions, Martin noted.

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