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Retail sales growth weakened in August

Retail sales growth slowed in August as the cost-of-living crisis forced shoppers to reduce their spending, Figures from the British Retail Consortium and KPMG in their… View Article

GENERAL MERCHANDISE NEWS

Retail sales growth weakened in August

Retail sales growth slowed in August as the cost-of-living crisis forced shoppers to reduce their spending,

Figures from the British Retail Consortium and KPMG in their monthly sales monitor show that total sales edged up 1% in the month following growth of 2.3% in July when the heatwave boosted spending.

Helen Dickinson, BRC chief executive, said: “Retail sales growth slowed in August compared to the previous month as consumers reined in spending amidst the spiralling cost-of-living. While inflation in retail prices is lower than general inflation at over 10%, this still represents a significant drop in sales volumes.”

In the three months to August, food sales rose by 3% although non-food sales were 2% down.

Dickinson added: “For the first time in recent months, clothing sales were sluggish as summer events ended, and parents held back on back-to-school spending. White goods and homeware remained hardest hit, but products such as air fryers and knitwear did get a boost as thrifty consumers prepare for soaring energy bills.”

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