Retail sales in the United Kingdom increased by 0.5% on a like-for-like basis in August 2022 from a year ago, slowing from a 1.6% growth in July as consumers reined in spending amid the surging cost of living. The data comes as Britons grapple with four-decade high inflation and the Bank of England expects the economy to enter a recession by the end of 2022. Helen Dickinson, chief executive at the British Retail Consortium, said: “While inflation in retail prices is lower than general inflation at over 10%, this still represents a significant drop in sales volumes. For the first time in recent months, clothing sales were sluggish as summer events ended, and parents held back on back-to-school spending.” Don Williams, retail partner at KPMG, added: "Worryingly, August data revealed a significant fall in clothing sales, the category which has been the most robust performer this year which could signal the start of shoppers pulling back from non-essential spending.” source: BRC - British Retail Consortium
BRC Retail Sales Monitor YoY in the United Kingdom averaged 1.92 percent from 1995 until 2022, reaching an all time high of 39.60 percent in April of 2021 and a record low of -4.90 percent in November of 2019. This page includes a chart with historical data for the United Kingdom BRC Retail Sales Monitor YoY. United Kingdom BRC Retail Sales Monitor YoY - data, historical chart, forecasts and calendar of releases - was last updated on October of 2022.
BRC Retail Sales Monitor YoY in the United Kingdom is expected to be 1.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom BRC Retail Sales Monitor YoY is projected to trend around 1.90 percent in 2023 and 2.00 percent in 2024, according to our econometric models.