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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