Subscribe Login
Retail

UK Retailers Report Slowest Sales Growth Since End Of Lockdowns: BDO

British retailers saw the slowest growth in sales since the end of COVID-19 lockdowns last year as shoppers tightened their belts in the face of soaring inflation, business consultancy BDO said on Friday.

Total like-for-like retail sales increased by 3.6% in August compared with the same month last year and online sales fell by 0.6%, their first decline since March.

"September's results will show just how significant the pull-back in discretionary spending is likely to be this winter but clearly these results in August show that consumers are cutting their budgets," Sophie Michael, head of retail, BDO said.

Essential Spend

"Consumers are deferring the purchase of big ticket items as households prioritise essential spend," Michael said.

Slower sales growth for fashion and lifestyle items raised concerns ahead of the autumn and Christmas periods, she said.

However, economists say Britain's high inflation rate - which hit 10.1% in July - now looks likely to slow after new Prime Minister Liz Truss announced a plan on Thursday to cap surging household energy prices.

News by Reuters, edited by Donna Ahern, Checkout. For more retail stories, click here. Click subscribe to sign up for the Checkout print edition.

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.

LIMITED TIME OFFER: 20% Off Our Premium Subscription
Enjoy full access to all website and app content, our weekly email news digest, and to Checkout Magazine 12 times a year (including our Top 100 Brands 2022 edition).
LIMITED TIME OFFER: 20% Off Our Premium Subscription
LIMITED TIME OFFER: 20% Off Our Premium Subscription
Enjoy full access to all website and app content, our weekly email news digest, and to Checkout Magazine 12 times a year (including our Top 100 Brands 2022 edition).
LIMITED TIME OFFER: 20% Off Our Premium Subscription