Retail sales rise 1.6% in second quarter
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