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June retail sales beat forecasts

June retail sales beat forecasts
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UK consumer spending was stronger than expected in June, in spite of high inflation, as wage growth picked up, official data showed Friday.

Retail sales volume rose by 0.7 per cent in June from May, topping forecasts for an increase of 0.2 per cent, while year-on-year, they fell 1.0 per cent, compared with expectations for a decline of 1.5 per cent, according to the Office for National Statistics.


In value terms, sales, excluding fuel, rose by 1.2 per cent month on month in June, and 7.8 per cent year on year.

All the main sectors such as food, non-food and non-store retailing have seen increases, except fuel.

Food stores sales volumes bounced back with 0.7 per cent growth in June, following a fall of 0.4 per cent in May, with the good weather and promotions helping the sales. However, food store sales volumes were 2.6 per cent below their pre-coronavirus February 2020 levels.

Non-food stores sales volumes rose by 1.0 per cent in June, following a fall of 0.5 per cent in May. Non-store retailing sales volumes rose by 0.2 per cent in June, following a rise of 2.4 per cent in May.

Automotive fuel stores sales volumes fell by 0.3 per cent, after a rise of 1.7 per cent in May.

“It appears that warm weather drove consumers onto the high street in search of new clothing and garden furniture over the month. Whilst the picture may look rosy now, as the months grow colder, there is a risk the chill of higher mortgage costs and inflation will weigh heavy on household budgets,” Jonathan Moyes, Head of Investment Research at Wealth Club, commented.

“The big question is how much longer can the consumer hold out? Is this the last hurrah of summer spending before the cost of living squeeze really begins to really bite, or is the consumer in a stronger financial position than many predict?

“For now, the UK consumer continues to defy the doom mongers."

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Seven out of 10 respondents (72 per cent) said their stores had experienced shoplifting, break ins and damage to property, while they and their staff had been physically or verbally threatened.

Just under half of respondents (47 per cent) said they and their employees had been threatened or had suffered abuse and violence when asking for proof of age ahead of selling an age-restricted product.

Forty-four per cent reported that they and their staff had faced abuse or violence because they had refused to make a proxy sale – selling an age restricted product to a customer buying for a minor.

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“Inadequate responses from the police and a slap on the wrist for offenders means that shoplifting is soaring, and offenders are becoming more aggressive and brazen,” said Fed National President Mo Razzaq.

“From the responses we received, it is clear that real action is needed by police, by courts and by the government to stem the overwhelming tide of crime against retailers and their staff. Everyone deserves to feel safe at work and for their businesses to be protected against criminals.

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Calling for action from the government and not just words, Mr Razzaq continued: “Without effective deterrent, criminals and opportunistic members of the public will continue to commit crimes.”

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