On March 12, 2024, people walked across London Bridge in central London in the rain.
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LONDON – UK retail sales fell 2.3% in April as wet weather deterred shoppers, the Office for National Statistics said on Friday.
Economists polled by Reuters expected a smaller drop of 0.4%.
The ONS said: “Sales fell across most sectors, with clothing retailers, sports equipment stores, games and toy stores and furniture stores underperforming as bad weather reduced footfall.” March figures were revised from flat It was down 0.2%.
Sales in the three months to April rose 0.7% from the previous three months, but were down 0.8% on the year, following a weak December and holiday season.
Chris Harmer, insights director at the British Retail Consortium, pointed to bright spots in the cosmetics and computer sales figures.
“With summer approaching and inflation rapidly approaching the Bank of England’s 2% target, retailers are hoping that consumer confidence will improve and spending will pick up again,” Hamer said in a note.
Consumer confidence about personal finances and the overall economic outlook did improve in May, a survey showed. poll GfK released on Friday.
Data released on Wednesday showed that Britain’s overall inflation rate fell to 2.3% from 3.2% in April. However, the stickiness of core and services inflation has led markets to postpone bets on a first rate cut from the Bank of England in June to August or September.
Phil Monkhouse, UK country manager at financial services firm Ebury, said this week’s surprise announcement of the July 4 general election could add “new uncertainty” to the minds of consumers already grappling with rising interest rates.
“For retailers who want to weather future sales fluctuations, it is critical to prepare for warmer weather, ensure ready access to financing and have hedging arrangements in place,” Monkhouse said.
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