Wed. Dec 1st, 2021

Heres more from my associate Louis Ashworth on the drop in retail sales:
A post-lockdown shopping boom began to lose steam in July as abysmal weather later in the month was blamed for dampening retail spending.
Overall sales rose by 6.4 pc over the month compared with July 2020 according to the British Retail Consortium and KPMG, marking a slowdown from Junes 10.4 pc year-on-year reading despite the continued re-opening.
Helen Dickinson, primary executive of the BRC, said: “July continued to see strong sales, although development has actually begun to slow. The lifting of restrictions did not bring the anticipated in-store increase, with the wet weather condition leaving consumers reluctant to check out shopping destinations.”
Paul Martin, head of retail at KPMG, alerted waning momentum could become a drop in shopping spending over the coming months.
” Staffing pressures, increases in product and part costs, increasing inflation eating into families spending power and stalling customer confidence might lead to a downturn in retail sector development as we head into fall,” he stated.
It came as Barclaycard information showed home entertainment spending increased for the very first time given that the beginning of the pandemic, with alleviating restrictions and the destination of a summer season of sport leading Britons to go out to theatres, movie theaters and beer gardens.
Fuel costs struck the highest level because the onset of Covid-19 in the UK, pressed by a boost in staycations and leisure travel, the reopening of offices and higher prices at the pumps.
Pubs, bars and clubs had a strong month, with spending at such locations up by almost a 3rd.
Raheel Ahmed, Barclaycards head of consumer items, said: “While some sectors took a small action back as the post-lockdown honeymoon duration cooled, July was a positive month in general. With inflation expected to increase, it will be intriguing to see how this effects consumer spending behaviour over the coming months.”
The current money tracker data from the Post Office showed further indications that various type of activity got as the summer got into swing.
Britons made a record ₤ 665m in cash withdrawals during July, the highest ever tape-recorded for a month beyond the traditional December peak.


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Wizadclick | WAC MAG 2021