British Retail Consortium data for July 2024 is mixed:
Total retail sales +0.5% y/y
- -0.2% in June
- average rise of 1.4% over the past 12 months
Like-for-Like sales -0.3% y/y
- June was -0.6%
- Like-for-like sales data strips out the impact of changes in store size.
Data also from Barclays, spending on credit and debit cards -0.3% y/y
- prior -0.6%
Barclays cite:
- Euro 2024 tournament boosted spending in pubs and people stocked up for barbecues on July's sunny days
- counteracted by less spending due to rainy weather during the month
- bigger picture was one of a recovery in spending power and consumer confidence. "This, coupled with the fact that the Bank of England has begun to reduce interest rates, should translate into stronger underlying spending growth, as we move through the second half of this year and into 2025,"
Reuters report adds:
Both surveys showed a fall in non-essential spending.
