10 May 2016
Chief Executive of Retail Economics on Sky News discussing BRC's retail sales figures for April 2016
Richard Lim, Chief Executive, Retail Economics said: “These latest figures from the BRC confirm that the retail industry is struggling to show any signs of growth. “Faced with growing uncertainty around Brexit, a slowing labour market and increasingly fragile confidence, shoppers have cut back on discretionary spending with clothing retailers facing unnerving declines. Underlying this poorer economic backdrop, retailers are also swimming against a tide of changing consumer behaviour. The shift from spending on goods to experiences is accelerating. In an age of abundance, households are looking to use more of their disposable income on eating out, holidays, leisure pursuits and digital services such as Netflix and Spotify. “With the consumer sector the driving force behind the economic recovery so far, it is difficult to see what can compensate should a more widespread slowdown materialise.”
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