Retail sales dropped 3.3% last month and retailers are blaming the weather.
Source:Channel 4
It is the biggest drop since March 2014 and footwear sales were the lowest since 2011 according to figures released by the British Retail Consortium (BRC). Yahooreports:
“Online retailers also saw demand slow, while supermarkets felt the pain despite the cold weather boosting sales of winter warmers - hot drinks, porridge, meat for stewing and soup.
However, there was a silver lining as sales of floor coverings and homewares, such as bedding, linen and lighting, received a boost as the depressing weather prompted people to give their homes a facelift.”
The site also reported comments from BRC director general Stephen Robertson who said:
“The wettest April since records began has put a dampener on retailers’ fortunes.
Consumer interest in summer fashions and outdoor products was washed away by constant downpours.”
The fact of the matter is that retailers are bearing the brunt of the squeeze on consumer spending. However, it’s hoped that events such as the Queen’s Diamond Jubilee, and the Euro 2015 football championships will boost the national mood and inspire more spending.
People are not spending their money on gardening products such as lawnmowers, plants and tools at the moment, but rather are concentrating on smaller indoor DIY tasks. Money is not being spent on more expensive items such as fitted kitchens and bathrooms.
How is the continuing wet weather affecting your spending habits? Tell us in the comments below.
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May 9, 2023
finance