UK Data – BRC like for like retail sales rose 4.2% y/y in June (prior was +3.7%)

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,”