Retail sales up 3.1% in August to round off ‘solid’ summer
The most popular items bought in August as UK retail sales rise
- UK retail sales increased by 3.1 per cent year-on-year in August, driven by favourable weather and an interest rate cut, according to the BRC-KPMG Retail Sales Monitor.
- Computing and mobile phone sales performed well as parents prepared for the new academic year, though new school clothing and footwear sales were lower than expected.
- Food sales rose by 4.7 per cent year-on-year, largely due to rising prices rather than increased volumes, with food price inflation reaching 4.9 per cent in July.
- Retailers are approaching the “golden quarter” with caution, citing concerns over consumer confidence and potential tax rises ahead of the autumn Budget.
- Separate figures from Barclays showed consumer card spending grew by just 0.5 per cent in August, with 89 per cent of UK consumers concerned about food price rises, a seven-month high.