You are here: Home - Credit Cards & Loans - News -

Worst July on record for shop sales

Written by:
Despite record temperatures, consumer spending fell to a record low last month, new industry data shows.

Retail sales grew by just 0.3 per cent, compared to an increase of 1.6 per cent last year, making it the worst July since records began in 1995.

The report from the British Retail Consortium said both high street and online retailers suffered.

Helen Dickinson, chief executive of the BRC, said “slow real wage growth and Brexit uncertainty” had left consumer spending languishing.

She said: “Whereas last year’s glorious sunshine and World Cup Finals led to strong consumer demand over the summer, this year has been weak in comparison, with both June and July showing the lowest sales on record for their respective months.

“And it is not just high streets that are suffering, with non-food online growth also one percentage point below the 12-month average.”

Paul Martin, UK head of retail at KPMG, added: “While any growth is welcome after two months of decline, it’s clear that most players need more than sunshine to get back on their feet.”

Online non-food sales overall grew by just 3.7 per cent, which is considerably lower than previous years.

Martin also said that grocery sales, which tend to do well in the good weather, were lacklustre, which was “a cause for concern”.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week