Retailers record fifth month of growth in a row
HIGH street sales picked up again in July, with a 1.7 per cent boost in like-for-like spending, making for nearly half a year of rising retail spending.
The figures, released by accountancy giant BDO today, are the fifth consecutive increase, driven upwards by homeware sales, which have risen by more than a tenth since the same month last year.
If the growth trend rolls into next month, it will be the first six month period of straight growth seen in the past four years. Despite the general boost, fashion sales dropped by 0.7 per cent during the period.
“There will always be ups and downs on the high street, which is sensitive to subtle changes – this is why the high street is considered a bellwether of the UK economy. While fashion dips, homeware and lifestyle sales rise – showing that all retailers are playing the long game and the underlying sentiment is one of confidence and profitability,” said Sophie Bevan, head of retail at BDO.
Figures from the Eurozone released yesterday showed the most rapid increase in retail sales for seven years.
Retail sales rose by 2.4 per cent between June 2013 and June 2014, according to the bloc’s official statistics, with a 0.4 per cent boost between May and June alone.