Retail gross sales development slows in July amid heavy rain

The UK’s complete retail gross sales elevated by 1.5% within the 4 weeks to 29 July, in opposition to the two.3% development skilled in the identical month final yr. This was under the three-month common development of three.5% and the 12-month common development of three.9%, in response to BRC information.

This lacklustre development in July has been attributed to the combination of heavy rain throughout the nation and excessive inflation forcing retailers to slash costs as a method to get customers by the door.

Because of reductions, like-for-like retail gross sales elevated by 1.8% in July, in opposition to a development of 1.6% in July 2022. Nonetheless, this was nonetheless under the three-month common development of three.3% and the 12-month common development of three.6%.

In the meantime, non-food gross sales decreased 0.5% on a complete foundation and 0.8% on a like-for-like foundation over the three-months to the tip of July. non-food gross sales have been in a decline year-on-year and have been additionally under the 12-month complete common development of 0.6%.

Meals gross sales elevated 8.4% on a complete foundation and eight.7% on a like-for-like foundation over the three months to July. This was above the 12-month Whole common development of seven.8%. For the month of July, meals was in development year-on-year.

Over the three months to July, in-store non-food gross sales additionally elevated 1.2% on a complete foundation and 0.8% on a like-for-like foundation from July 2022. This was under the overall 12-month common development of three.4%.

On-line non-food gross sales decreased by 6.9% in July, in opposition to a decline of three.9% in July 2022. This was steeper than the three-month common decline of three.4% and the 12-month decline of three.4%.

As well as, the proportion of non-food objects purchased on-line decreased to 34.7% in July from 35.3% in July 2022.

Helen Dickinson, chief govt of the BRC, mentioned: “The slowing tempo of retail worth inflation fed by into slower gross sales this July. Whereas shopper confidence is mostly enhancing, it stays under long run ranges. And with final week’s rise in rates of interest pushing mortgage charges up ever greater, the federal government should get a deal with on the financial system.”

Paul Martin, UK head of retail at KPMG, mentioned: “We’re beginning to see an enormous rise within the variety of promotions that retailers are putting in with a view to get buyers by the door, as they battle to maintain market share.

“UK customers have been massively resilient all through the cost-of-living disaster, however stubbornly excessive inflation coupled with quickly rising rates of interest will check their capability and willingness to maintain on spending for the remainder of this yr.”


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