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Financial News: UK Retail Sales Continue To Fall In June:

UK Retail Sales Continue To Fall In June: BRC

07/12/2022 - 02:54:00 (RTTNews)

(RTTNews) - UK retail sales decreased for the third consecutive month in June as households cut back spending amid rising costs, data compiled by the British Retail Consortium and the advisory services firm KPMG, showed on Tuesday.

Like-for-like sales decreased 1.3 percent on a yearly basis in June. Overall sales were down 1.0 percent.

Discretionary purchases were hit hard, especially white goods and homeware, while consumers also traded down to cheaper brands in food and non-food alike, Helen Dickinson, chief executive at BRC, said.

The Jubilee weekend gave food sales a temporary boost, and fashion sales benefited from the summer holiday and wedding season. Nonetheless, Dickinson observed that this was not enough to counter the substantial slowdown in consumer spending. With a long run of hot weather predicted and many consumers choosing to holiday at home this summer, retailers will be hoping that the feel-good factor begins to improve confidence amongst some shoppers - as presently overall confidence levels are lower than sales may suggest, Paul Martin, UK Head of Retail, KPMG said.

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