British Retail Consortium (BRC) data:
like-for-like sales in May -1.5% y/y
- prior -1.7%
Total retail spending -1.1% y/y
- biggest fall since January last year
- -0.3% prior (i.e. April)
“It is clear the post-pandemic spending bubble has burst, with retailers facing tougher trading conditions, falling consumer confidence, and soaring inflation impacting consumers spending power,” BRC chief executive Helen Dickinson
Separately, data from Barclaycard:
- spending in May was +9.3% y/y
- “The cost-of-living squeeze is clearly influencing discretionary spending habits,” Jose Carvalho, head of consumer products at Barclaycard, said. “Despite this, there are some encouraging signs, particularly in the travel industry as Brits’ appetite for going abroad continues to grow as we approach the summer holidays.”
Info via Reuters.
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