BRC: Bank holidays boost sales growth

Responding to the latest ONS Retail Sales Index figures, Helen Dickinson, Chief Executive of the British Retail Consortium, said:

“May’s three bank holidays gave retailers a needed boost as sales growth accelerated to 7.7%. This could be seen for books, and SPF cosmetics in particular, which improved due to the brighter weather at the end of the month and as people prepare for summer getaways. Nonetheless, households continue to feel the pinch from the high cost of living, and are limiting their discretionary spending." 

“Yesterday’s interest rates announcement will be disappointing for many, and will further tighten the purse strings of many. However, this effect may be partially offset by the easing of food inflation, which fell for the second month in a row. Whatever happens, it will continue to be a challenging few months for retailers and their customers.

-ENDS-

According to the ONS, on a Year-on-year seasonally adjusted basis:

• Sales by Value (amount spent) increased 7.7% YoY (this growth is primarily due to rising prices)
• Sales by Volume (quantity bought) fell -1.7% YoY