Economy
The latest news, updates and analysis on the economy and how it is affecting the UK retail industry. Sign up to the Daily Briefing and let Retail Sector’s business journalists keep you in the picture.
-
Jul- 2021 -12 July
Footfall flatlines in June
Footfall from shoppers in the UK plateaued despite social distancing restrictions remaining largely the same, according to new data from the British Retail Consortium (BRC). The latest Footfall Monitor from BRC and Sensormatic found that overall footfall in the UK dropped by 27.6% in June compared to the same month…
Read More » -
7 July
BRC report highlights chargeback ‘struggles’ for retailers
The British Retail Consortium (BRC) has published a report which highlights the ongoing chargeback “struggles” affecting retailers in the UK. The survey’s respondents, who were retailers across a wide variety of sectors, identified a change in chargeback issuances linked directly to Covid-19 which saw an average increase of 25%. Some…
Read More » -
Jun- 2021 -30 June
GDP shrinks 1.6% in Q1
The UK’s quarterly gross domestic product (GDP) fell an estimated 1.6% in Q1 2021, a larger margin than the previously expected decline of 1.5%. The Office for National Statistics (ONS) revealed that GDP is now 8.8% below the final pre-pandemic quarter of October to December 2019. Moreover, compared with the…
Read More » -
25 June
Long-term WFH may damage ‘perfectly good’ retailers, says BIRA CEO
A permanent working from home post-lockdown model could damage “perfectly good” businesses, according to the British Independent Retailers Association’s (BIRA) CEO. In an interview with the Daily Telegraph, Andrew Goodacre addressed how businesses in London would specifically be adversely affected by such a change. Goodacre’s intervention comes after research from…
Read More » -
18 June
Return to restaurants sees retail sales fall by 1.4%
UK retail sales fell by 1.4% between April and May, following a sharp increase in April when retail restrictions were eased, according to data from the Office of National statistics (ONS). The largest contribution to the monthly decline came from grocery stores where sales volumes fell by 5.7% – the…
Read More » -
16 June
UK inflation hits 2.1% as clothing prices rise
Inflation in the UK rose to 2.1% in May, up from 1.5% in April, according to the latest figures from the Office for National Statistics (ONS). This increase has been fuelled by an increase in consumer spending as the British public comes out of lockdown. Meanwhile, clothing prices jumped by…
Read More » -
11 June
Retail sector boosted by ‘buoyant’ sales
The UK’s retail sector in May has been boosted by “buoyant” sales, according to the British Retail Consortium (BRC). Over the period, sales increased by 10% on a year-on-two-years basis, against a decline of 2.7% in May 2019. This represents a rise from the three-month average growth of 8.5%. Due…
Read More » -
3 June
BRC warns of future price rises despite 0.6% fall in May
Shop prices fell 0.6% year-on-year in May, the slowest rate of decline since February 2020 as the British Retail Consortium (BRC) warns of price rises on the horizon. The decline represents a smaller fall than April’s 1.3% year-on-year drop, and sits below the 12 and six-month average price decreases of…
Read More » -
May- 2021 -25 May
Family spending power reaches 11-year high
The average family disposable income in the UK has reached an 11-year high, according to Asda’s latest Income Tracker. Income increased by 13.1% year-on-year in March, representing a weekly income rise of £28 for each household. London saw the smallest annual growth with a rise of 8%, while disposable incomes…
Read More » -
21 May
Consumer confidence jumps six points in May
Consumer confidence in the UK has increased by six points to -9 in May 2021, according to GfK’s Consumer Confidence Index. The market research company primarily attributed this to the easing of lockdown restrictions and vaccine rollout, which it believes gave the country’s retail sector a much-needed boost. While respondents…
Read More »
