28-July-2014

Retail sales rise 1.6% in second quarter  

Retail sales rise 1.6% in second quarter
busy street -iStockphoto.com -Justin Horrocks

 

British retail sales have risen by the largest amount in over ten years in a calendar quarter as British consumers hit the shops.

 

Retail sales rose 1.6 per cent in the second quarter compared with the previous three months despite a sales fall in June and warnings of an interest rate hike by the Bank of England.

 

Month-on-month retail sales rose 0.1 per cent as analysts agreed that the World Cup had distracted consumers from spending in-store and online in June. This was weaker than the consensus expectation of a 0.3 per cent rise.However wage growth remains very weak.

 

Ian Geddes, UK head of retail at Deloitte said: “With inflation likely to ease but no rise in consumers’ real earnings there is an environment of steady growth, but not boom.”

 

By Michael Somerville - Retail Gazette