British Retail Consortium data for June 2023
- like-for-like sales +4.2% y/y (prior +3.7%)
- total retail sales +4.9% y/y (prior +3.9% )
The BRC sais that unusually hot weather boosted sales of swimwear, beach towels and outdoor games as well as garden furniture and barbecue food in Britain last month
- but consumers spent less on big-ticket items due to high food prices continuing to squeeze budgets
- last month's increase in spending still reflects a fall in the volume of goods purchased
KPMG, who sponsor the data, said stubborn food inflation was reducing shoppers' ability to spend on non-essential items
"Consumers have so far remained resilient, but the triple threats of further interest rate hikes, resolute double digit food inflation and an economy recovering at slower rate than predicted, could hamper a return to much needed profitable growth across the retail sector,"
Like-for-like sales data strips out the impact of changes in store size.
