Connect with us


Rising UK cost of living puts brakes on consumer spending




UK retail sales fell in April as consumers tightened their belts in response to the cost of living crisis, new industry data shows.

Retail sales fell 0.3% year-over-year in April, the first decline in 15 months, from 3.1% growth in the previous month, according to figures compiled by advisory services KPMG with industry group British Retail Consortium.

“The rising cost of living is undermining consumer confidence and putting the brakes on consumer spending,” said BRC chief executive Helen Dickinson.

High-priced items have been hit hardest as consumers curb spending on furniture, electricity and other household items, she added. Spending on these items has also been hit by supply chain disruptions and delays in imports from China’s lockdown.

The annual comparison for April fell as many stores reopened last year, but rose as prices rose as the BRC data was not adjusted for inflation.

Given that inflation is at its highest rate in 30 years, the BRC said, “When inflation is taken into account, a small drop in sales masked a much larger drop in sales.”


Compared to the pre-pandemic April 2019, retail sales rose 3.9%, a sharp slowdown from 5.4% growth in the previous month, and the lowest this year.

Official data show retail sales contracted in February and March as the cost of living crisis hit household incomes. Recent figures fuel economists’ concerns that economic growth will slow further in April and the rest of the year.

Economists expected little change in the UK economy in March, according to a Reuters poll, and last week the Bank of England warned of a risk of a recession in the next two years.

Consumer spending data tracked by Barclaycard, a payments company that monitors nearly half of all credit and debit card transactions in the UK, shows bearish growth in April in many sectors, even though the figures were not adjusted for inflation.

Spending on takeaway food, bars, pubs, clubs, and subscriptions to digital content such as Netflix and Amazon Prime has decreased.

However, both datasets report that some sectors performed better thanks to the resumption of international travel, improved weather and the upcoming Queen Elizabeth’s Platinum Jubilee.

Both data sets show that spending on clothing increased, and the BRC found that sales of garden supplies were stronger.

Barclaycard reports a significant improvement in spending on travel agencies and airlines, down 3.5% and 9.9%, respectively, compared to April 2019, a significant increase from the 10.7% and 12% declines in March.

Spending on hotels, resorts and accommodations also saw the fastest growth since September last year.

However, KPMG’s head of UK retail, Paul Martin, said: “The retail sector will have a tough time ahead as stores are facing soaring cost pressures from all directions.”

Video: How Seafood Restaurants Fight Inflation




The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos


to request, modification Contact us at Here or [email protected]