British Retail Consortium data for June 2023
- Likewise Sales +4.2% YoY (+3.7% Prior)
- Total Retail Sales +4.9% YoY (+3.9% Previous)
The BRC says unusually hot weather boosted sales of swimwear, beach towels and outdoor toys as well as garden furniture and barbecue food in Britain last month.
- But consumers spent less on expensive items as higher food prices continued to squeeze budgets
- The increase in spending last month still reflects a decrease in the volume of goods purchased
Stabbing food price inflation reduces shoppers’ ability to spend on non-essential items, said KPMG, which sponsored the data.
“Consumers have so far been resilient, but the triple threat of rising interest rates, severe food price inflation, and a slower-than-expected economic recovery could hinder a return to much-needed profitable growth across the retail sector,”
Similar sales data similarly removes the impact of changes in store size.