{"id":42246,"date":"2022-07-11T23:11:04","date_gmt":"2022-07-11T23:11:04","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/07\/11\/retail-sales-fall-at-fastest-rate-since-lockdown\/"},"modified":"2022-07-11T23:11:04","modified_gmt":"2022-07-11T23:11:04","slug":"retail-sales-fall-at-fastest-rate-since-lockdown","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/07\/11\/retail-sales-fall-at-fastest-rate-since-lockdown\/","title":{"rendered":"Retail sales fall at fastest rate since lockdown"},"content":{"rendered":"
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Retail sales are falling at a rate “not seen since the depths of the pandemic” as price hikes hit household budgets, a UK retail organization has said.<\/b><\/p>\n<\/div>\n

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Shoppers are cutting back on appliances like fridges and dishwashers, opting for cheaper brands, the British Retail Consortium added.<\/p>\n<\/div>\n

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In-store and online sales have fallen for three straight months, figures from the BRC and auditor KPMG show.<\/p>\n<\/div>\n

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Prices in the UK are currently rising at their highest rate in 40 years.<\/p>\n<\/div>\n

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Inflation – the rate at which prices are rising – hit 9.1% in May, with rising costs for food, utility bills and fuel putting pressure on household finances.<\/p>\n<\/div>\n

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Paul Martin, UK retail director at KPMG, said people were cutting back on spending “against a backdrop of unprecedented price hikes on the high street”.<\/p>\n<\/div>\n

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He said online shopping continued to decline, with overall sales down 9%. The biggest declines were in purchases of furniture, household appliances and computers. <\/p>\n<\/div>\n

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Helen Dickinson, Chief Executive of the BRC said: \u201cDuring the anniversary [bank holiday] The weekend gave a temporary boost to food sales and fashion sales benefited from the summer holiday and wedding season, not enough to offset the sharp slowdown in consumer spending.<\/p>\n<\/div>\n

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  • Shoppers rein in spending as incomes fall<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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    Total revenue fell 1% in the five weeks between May 29 and July 2, 2022, compared to a 10.4% increase in June 2021, figures from BRC and KPMG show. Declines followed in April and May.<\/p>\n<\/div>\n

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    Grocery inflation could hit 15% this summer, according to forecasts by the Institute of Grocery Distribution (IGD), meaning shoppers will pay more for their essential groceries. <\/p>\n<\/div>\n

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    IGD Managing Director Susan Barratt said: \u201cShopping habits are changing; around 60% of shoppers are now spending time saving money \u2013 up from 55% in March.\u201d <\/p>\n<\/div>\n

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    “With record-breaking gas prices, walking to a grocery store is also becoming more important,” she added, “with 27% of shoppers agreeing it’s a factor in their purchasing decision, up from 24% in May.”<\/p>\n<\/div>\n

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    The cut in spending on home appliances reported in the BRC survey comes just days after online electronics retailer AO World said it would raise around \u00a340m.<\/p>\n<\/div>\n

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    The company’s share price had fallen after reports that credit insurer Atradius had stopped providing cover for the company’s suppliers. <\/p>\n<\/div>\n

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    Without credit insurance, suppliers often demand upfront payments in the event the company they’re selling to collapses and can’t pay its bill.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Retail sales are falling at a rate “not seen since the depths of the pandemic” as price hikes hit household budgets, a UK retail organization has said. Shoppers are cutting back on appliances like fridges and dishwashers, opting for cheaper brands, the British Retail Consortium added. In-store and online sales have fallen for three straight […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-42246","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nRetail sales fall at fastest rate since lockdown - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2022\/07\/11\/retail-sales-fall-at-fastest-rate-since-lockdown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Retail sales fall at fastest rate since lockdown\" \/>\n<meta property=\"og:description\" content=\"Retail sales are falling at a rate “not seen since the depths of the pandemic” as price hikes hit household budgets, a UK retail organization has said. 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