Retail sales in the United Kingdom decreased 1.5 percent on a like-for-like basis in May 2022 from a year earlier, contracting for the third straight month, as consumers cut their spending amid the cost-of-living crisis.
Helen Dickinson, chief executive of the BRC, said: “Sales continued to see declines as the cost-of-living crunch squeezed consumer demand.
Higher-value items, such as furniture and electronics, took the biggest hit as shoppers reconsidered major purchases during this difficult time.
Nonetheless, fashion and beauty did well as people prepared for holidays abroad and the summer’s social calendar, with red, white, and blue outfits adorning shopping carts ahead of the Jubilee weekend.
Paul Martin, UK head of retail at KPMG, added: “The rising cost of living is going to remain the main story for retailers for the immediate future, with consumer confidence a key factor to watch out for.”
This report’s information was first seen on TradingEconomics; to read more, click this link.
