Friday, September 17, 2021

Wet weather – not Brexit – affects June retail sales slump

Retail sales figures across the UK experienced a significant monthly fall in June, according to figures from the Office for National Statistics.

Compared to May, ONS figures showed spending on the high street decreased by 0.9 per cent in the five-week period to July 2 but analysts have said this was because of the wet weather that plagued June rather than the impact of the June 23 EU referendum.

However, it is predicted that spending would slow in the months ahead as consumer confidence plummets and retailers report anecdotal evidence of how the Brexit vote is affecting sales.

Department stores received a boost from sales thanks to the Euro 2016 tournament and the Queen’s 90th birthday, but clothing stores suffered a poor month due to the poor weather.

On Wednesday, the Bank of England said businesses had reported little change in spending patterns so far, but a recent survey by polling company GfK revealed the sharpest drop consumer confidence since 1994.

Click here to read the full ONS report on UK retail sales

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