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Retail Sales Weaken in July as Demand for Clothing Falls
Clothing and online sales drove the decline as early promotions and hot weather pulled demand into June, the Office for National Statistics said.
- Official figures released today showed British retail sales volumes dropped 0.5% in July, in line with economists' median forecast, after a surge in June when hot weather boosted demand for fans and air conditioners.
- Clothing sales slumped 2.7% during the month, the sharpest drop since May last year, after many retailers began summer sales in June rather than July, pulling demand forward into the prior month.
- Food sales grew 0.5% over the month, bucking the downward trend as supermarkets benefited from World Cup promotions and warm weather, while annual sales growth slowed to 1.6% from a downwardly revised 3.8%.
- Inflation rose to 2.9% in July, the first increase in four months, while the Bank of England expects price rises to accelerate further in the coming months as the impact of the Iran war feeds through.
- GfK's long-running confidence indicator reached a two-year high in Aug, its highest since just after Prime Minister Andy Burnham's predecessor Keir Starmer came to power, signaling robust consumer sentiment despite economic headwinds.
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UK Retail Sales See Expected Dip Following June Surge
British retail sales decreased in July by 0.5% compared to June, matching predictions. The decline came after a sales boost due to hot weather and promotions during the men's soccer World Cup. Despite concerns over energy costs and potential tax increases, consumer sentiment remains robust, providing a hopeful outlook.
·India
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Coverage Details
Total News Sources19
Leaning Left3Leaning Right3Center7Last UpdatedBias Distribution54% Center
Bias Distribution
- 54% of the sources are Center
54% Center
L 23%
C 54%
R 23%
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