UK retail sales unexpectedly rise 1.0% in June
Warm weather and the soccer World Cup lifted demand for air conditioners, fans and televisions, while sales beat economists’ forecasts by 0.7 percentage points.
- The Office for National Statistics reported on Friday that UK retail sales volumes rose 1% in June, beating economists' forecasts for a 0.3% fall and reaching 4.2% higher year-on-year.
- Hot weather and summer discounting drove the rebound, with retailers reporting strong demand for outdoor products, air conditioning, and clothing as the Fifa World Cup also spurred consumer spending.
- Online shopping rebounded to a five-year high, with the proportion of digital sales reaching its highest level since spring 2021 when coronavirus restrictions ended, according to the ONS.
- Sports merchandise sales surged, with the ONS noting increased alcohol and tobacco purchases amid early Fifa World Cup matches, adding momentum to the broader recovery.
- Between April and June, the ONS said retail sales rose 0.6% quarterly, with senior statistician Hannah Finselbach noting internet retailers performed especially well due to promotions and warm weather demand.
21 Articles
21 Articles
Euro extends rally against British Pound despite strong UK Retail Sales data
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Brits dodge the high street as heatwave boosts online shopping
Retail sales jumped in June as the heatwave and heavy discounting drove Brits towards online shopping. The volume of retail sales jumped by one per cent in June, having slowed slightly from 1.2 per cent growth in May, according to the Office for National Statistics (ONS). Online shopping grew to the largest proportion of total retail sales since spring 2021, when the covid-19 pandemic kept Brits away from the high street. Non-store retailing s…
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