July records highest summertime high street sales growth in the last five years.
Economists are predicting a spending slowdown, but no-one seems to have told Britains shoppers.
The latest figures from BDO’s High Street Sales Tracker reveal July recorded the highest summertime high street sales growth in the last five years.Encouraged by promotions and the first decent summer for years, shoppers have reached for their wallets, sparking overall sales growth of 5.2% for medium-sized retailers.
Fashion sales were up 5.1% on July 2009 and sales of non-fashion goods leapt 6.1%.The latter, which covers health & beauty, gifts and leisure goods, was buoyed by tourists and holidaymakers snapping up make-up and gadgets.
The only sector to struggle was homewares. A subdued housing market has led to many home owners staying put, slowing the growth of furniture and big ticket purchases to just 1.4%.
Don Williams, Head of Retail at BDO LLP says: “Our prediction that trade will remain strong for the rest of the year is borne out in these figures. Although macro trends point to a retail slowdown, we are yet to see this reflected on the high street. While the good weather has undeniably been a factor, retailers will be pleased to see that, despite reports to the contrary, confidence among consumers remains high.
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