UK Retail Sales Recover In July
2024-08-08
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(fxcue news) - UK retail sales volume rebounded in July as summer discounting and the European football Championship boosted department stores and sports equipment stores sales.
Retail sales increased 0.5 percent on a monthly basis in July, following a revised 0.9 percent fall in June, the Office for National Statistics said Friday. Economists had forecast sales to grow 0.6 percent.
Excluding auto fuel, retail sales advanced 0.7 percent, in contrast to the 1.3 percent decrease in June.
Both annual and monthly growth figures matched economists' expectations.
The ONS said department stores and sports equipment stores reported a boost following summer discounts and sporting events.
Food store sales remained flat in July, while non-food store sales rebounded 1.4 percent.
Sales volumes advanced 1.4 percent in the year to July after poor weather impacted sales in July 2023. This follows a 0.3 percent decrease in June.
Retail sales volume excluding auto fuel also posted 1.4 percent annual increase after easing 0.8 percent in the previous month.
Capital Economics' economist Alex Kerr said if spending off the high street continued to hold up well, overall consumer spending may be more robust than the retail sales data imply.
The economist said that rising real incomes, as inflation falls, should mean consumer spending growth accelerates over the rest of this year.
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