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Non-food retail sales take a hit in May

Shutterstock 126762269

The latest BRC-KPMG Retail Sales Monitor for May 2017, showed total UK retail sales fell 0.2% against a 1.4% increase last year, with like-for-like sales down by 0.4%.

For the three month period March to May, the all important Non-Food retail sales in the UK decreased 0.3% on a like-for-like basis and increased 0.1% on a total basis, below the 12-month total average growth to 0.5%. It's important to note that this is the worst rate recorded since May 2011.

Helen Dickinson OBE, chief executive, British Retail Consortium, said: “Overall, May’s sales slowdown is indicative of a longer term trend of a decline in consumer spending power. As household budgets become increasingly squeezed by inflation, predominantly in the non-retail part of the consumer basket, it’s vital that the next Government helps retailers keep prices low for ordinary shoppers".

“This means, as well as securing a tariff-free trade deal with the EU, negotiating frictionless customs arrangements; providing certainty for EU colleagues working in the UK; and ensuring the continuity of existing EU legislation as it transfers into UK law.”

UK head of retail at KPMG Paul Martin, added: “With inflation continuing to rise and wage growth stagnating, consumers are starting to feel the pinch – although the highly competitive nature of the UK grocery market continues to play out in the consumer’s favour. An increased focus on managing costs will dominate the retail agenda. More imminently though, eyes will be firmly placed on the outcome of the General Election, with close attention being paid to the implications it might have on the Industry.”

Source: Insight Team

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Image courtesy of Shutterstock 126762269.

06 June 2017

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