{"id":133889,"date":"2023-08-07T21:19:15","date_gmt":"2023-08-07T21:19:15","guid":{"rendered":"https:\/\/fin2me.com\/?p=133889"},"modified":"2023-08-07T21:19:15","modified_gmt":"2023-08-07T21:19:15","slug":"soaking-july-washes-away-high-street-hope-for-shop-sales","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/soaking-july-washes-away-high-street-hope-for-shop-sales\/","title":{"rendered":"Soaking July washes away High Street hope for shop sales"},"content":{"rendered":"

<\/p>\n

The sixth wettest July on record dampened shop sales, data has revealed.<\/p>\n

Takings grew just 1.5% last month, according to trade body the British Retail Consortium and KPMG.<\/p>\n

That was down from a 2.3% increase a year ago and below the 3.5% average over the past three months.<\/p>\n

Downpours deterred shoppers from venturing out and dented demand for summer clothes.<\/p>\n

Paul Martin, UK head of retail at KPMG, said: \u201cAs the storm clouds came out, shoppers retreated.\u201d<\/p>\n

The sales number was also weak because inflation \u2013 driven by price rises as retailers claw back higher costs \u2013 has begun to ease.<\/p>\n

Meanwhile, online non-food sales fell again \u2013 down 6.9% year-on-year \u2013 as the post Covid trend back to stores continued.<\/p>\n

READ MORE: <\/strong> Top reasons to shop locally – including supporting local community<\/strong><\/p>\n

Helen Dickinson, chief executive of the British Retail Consortium, said: \u201cWhile consumer confidence is generally improving, it remains below longer term levels.\u201d<\/p>\n

The wet weather also prompted spending on \u201cinsperiences\u201d \u2013 indoor experiences \u2013 according to separate data from Barclays. Spending on takeaways rose 9.2% and on digital content and subscriptions by 9.9%. Overall card spending rose 4% last month, said the bank.<\/p>\n

It also credited Taylor Swift with helping to fuel a near 16% surge in outlay on entertainment last month. It came after tour tickets for the Bad Blood star, along with The Foo Fighters, went on sale.<\/p>\n

Esme Harwood, director at Barclays, said: \u201cWhile July\u2019s weather was a wash-out for clothing retailers, it was a ray of sunshine for takeaways and streaming services, which performed better than expected.\u201d<\/p>\n

Abbas Khan, an economist at Barclays, said the coming months were likely to see pressures on retailers from energy and some other costs ease. He added: \u201cHowever, offsetting this, more households are set to experience higher mortgage costs as they refix onto higher rates,\u201d he said.<\/p>\n

\u201cAccordingly, while we do not expect a consumer recession in the coming quarters, growth is likely to be meagre.\u201d<\/p>\n

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Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The sixth wettest July on record dampened shop sales, data has revealed. 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