Retail sales bounce back, jump 4% in May
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Retail sales in May increased by 4.1% year-on-year, the highest growth reported since January 2014.
According to the British Retail Consortium (BRC) and KPMG’s latest Retail Sales Monitor, the better weather and the bank holiday effect led shoppers to buy more garden furniture and summer fashion ranges, recovering some of the ground lost in April.
Helen Dickinson, CEO of the BRC, said: “Despite this more positive set of sales results, the retail environment remains extremely challenging, with trend growth still very low by historical standards.
“Retailers remain focused on investing in new and exciting shopping experiences for the future, as margins remain tight and the competition fierce.”
Paul Martin, head of retail at KPMG, added: “May provided a much needed uplift to retail performance delivering a respectable 4.1% growth. Two bank holiday weekends, a royal wedding and of course sunnier spells will have been the main drivers behind the apparent rebound, with both online and high street sales thankfully up overall.”
