British Retail Consortium data for June 2023
- like-for-like sales +4.2% y/y (prior +3.7%)
- total retail sales +4.9% y/y (prior +3.9% )
The BRC sais that unusually hot weather
boosted sales of swimwear, beach towels and outdoor games as well as garden furniture and barbecue food in Britain last
month
- but
consumers spent less on big-ticket items due to high food prices
continuing to squeeze budgets - last
month’s increase in spending still reflects a fall in the volume
of goods purchased
KPMG, who
sponsor the data, said stubborn food inflation was reducing
shoppers’ ability to spend on non-essential items
“Consumers have so far remained resilient, but the triple
threats of further interest rate hikes, resolute double digit
food inflation and an economy recovering at slower rate than
predicted, could hamper a return to much needed profitable
growth across the retail sector,”
Like-for-like sales data strips out the impact of changes in store size.