A day after it was revealed that inflation has finally reached the Bank of England’s objective, coming down to 2 percent, UK retailers seem to be in for more good news.
The Office for National Statistics (ONS) has released new data indicating that retail sales volumes increased by 2.9 percent in May after declining by a negligible 1.8 percent in April.
Notably, among those who benefited from the increase were apparel shops, who had struggled with unfavorable weather conditions in April before recovering in May.
According to ONS, this resulted in a 3.5 percent increase in non-food shop sales volumes, of which apparel is a part, marking the highest monthly growth since April 2021.
Significant growth was also observed in internet sales, which increased by 4.1 percent year over year and by 5.4 percent in May. However, overall spending increased by 3.3% throughout the course of the month.
Retail strategy and consulting managing director of Accenture, UK & Ireland, Matt Jeffers, commented on the most recent data, saying: “Retailers will be relieved to see that customers have returned to store despite the inclement weather.” Consumers have finally broken the trend from the previous few months.
The Euros and Taylor Swift’s Eras Tour, among other major events this summer, might contribute to this development and give a “boost for sales as consumers prioritise spending on experiences and events,” according to Jeffers.
