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Financial News: UK BRC Retail Sales Fall In May

UK BRC Retail Sales Fall In May

06/07/2022 - 06:22:00 (RTTNews)

(RTTNews) - UK retail sales continued to fall in May as retailers faced tougher trading conditions amid weak consumer demand and soaring inflation, data compiled by the British Retail Consortium and the advisory services firm KPMG, showed on Tuesday.

Total retail sales dropped 1.1 percent in May from a year ago and like-for-like sales logged a decline of 1.5 percent.

The cost-of-living crunch has squeezed consumer demand in May, Helen Dickinson, chief executive at BRC, said. Shoppers were reluctant to take major purchases of higher-value items like furniture and electronics during this difficult time.

"For the second month in a row UK retail sales declined, highlighting that consumers are becoming more sensitive to the cost of living," Paul Martin, UK Head of Retail, KPMG, said.

Spending on furniture, home appliances, and computing declined significantly in May. On a positive note, sales of clothing, footwear and accessories, both in-store and online increased for the current month.

The rising cost of living is going to remain the main story for retailers for the immediate future, Martin at KPMG, said. However, retailers will be hoping that a post-Jubilee and summer feel-good factor begins to improve confidence among some shoppers.

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