Connect with us

News

Last Month England Fans Contributed To A 0 5 Increase In Retail Sales

Last month, a 0.5 percent increase in retail revenues was attributed to partying England fans.
Food and beverage sales increased in June, according to economists, as people stocked up for the Euros.
Analysts had predicted a flat performance for the month, but the overall increase exceeded expectations.
Despite a surprising drop in May, retail volumes are presently 9.5% higher than they were before the outbreak in February of last year.
The consumer boom has been helping UK plc recover from the effects of the coronavirus, but there are concerns that it may push inflation higher.
‘June’s retail purchases have perked up again following the decline witnessed last month, with the primary driver coming from food and drink sales, driven by football fans throughout Britain enjoying the Euros,’ said Darren Morgan, ONS director of economic statistics.
‘Fuel sales rose again this month, albeit not nearly back to pre-pandemic levels, as individuals increased the amount they travel and spent more at the pump.’ Non-food stores reported a 1.7 percent reduction in sales volumes month over month in June, with furniture and clothing falling away.
Automobile gasoline sales increased by 2.3%, but are still 2.1% below than pre-coronavirus levels.
‘Consumers are feeling secure, and there is pent-up demand and a readiness to spend,’ said Oliver Vernon-Harcourt, head of retail at Deloitte.
‘This should be reflected in July’s retail sales numbers; another summer of staycations will have a beneficial effect across the UK’s regions, and warmer weather, as well as the relaxation of restrictions, will give retail spending a further boost.’
‘But, the retail industry is not yet out of the woods, and there are major hurdles that make matching supply with growing demand difficult.
‘Not only are retailers working hard to reassure customers that they can shop in a secure atmosphere, but the industry is also experiencing personnel shortages throughout the supply chain – in stores, warehouses, and delivery trucks – which could stymie the recovery.’

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Must See

More in News