Despite numerous consumer polls suggesting a sudden loss of confidence, shoppers have defied the surveys and were out in force in July. We did, however, point out last month that what consumers say they are going to do and what they do in reality are two entirely different prospects. Retail sales rose by 2.1 per cent year-on-year (non-seasonally adjusted) in July, according to the Retail Economics Retail Sales Index. The three month rolling average, which provides a more accurate underlying trend, showed sales rose by 1.7 per cent, the fastest growth since September 2015. These latest sales figures are stronger than expected and suggest that consumers have remained resilient despite ongoing uncertainty about the impact of Brexit and the knock-on effect on the UK economy. Indeed, ahead of the EU Referendum the expectations from many economists suggested the economy would weaken further, firms would freeze hiring and investment plans would be reined in. We now know that the economy actually accelerated, growing 0.6 per cent in Q2 2016 from 0.4 per cent in the previous quarter, and the UK labour market continued its robust performance adding 172,000 jobs in the last three months - which was preceded by a punchy 111,000 increase in the previous month. If these figures are anything to judge by, pre-Brexit jitters were unfounded which provides hope that post-Referendum doom-mongers may prove equally unjustified.
UK Retail Sales Report
Retail Economics reports a range of retail sales indices on a monthly basis. Subscribers have access to all data (analytical reports and interactive data) and category breakdowns including online retail sales, clothing and footwear, household goods, food, DIY and gardening, consumer electricals and more.
UK Retail Sales - August 2016
This report is only available to subscribers.
The UK Retail Sales report includes:
|Summary and economic overview|
|Sales growth by category (year-on-year)|
|Online sales growth (year-on-year)|
|Sales growth by region|
|Total spend by sector|
|Average weekly spend (£m)|
|Footfall by channel|
|Summary of external retail sales sources including Office for National Statistics, British Retail Consortium, CBI, BDO, John Lewis, Visa and more|
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