Retail sales fell in May as rapidly rising food prices and the cost of living crisis dented people's confidence in the economy and their desire to spend money
Retail sales fell in May as rapidly rising food prices and the cost of living crisis dented people's confidence in the economy and their desire to spend money.
In the three months to May, retail sales fell by 1.3%, continuing a downward trend that started in summer 2021. Outside of food shopping, sales volumes remained flat. Clothing sales increased by 2.2%, but household goods, such as furniture stores, dropped by 2.3%, while department stores fell by 1.1%.
Meanwhile, as more drivers get back on the roads and hybrid working becomes more commonplace, automotive fuel sales volumes rose by 1.1% in May.crunch continued to squeeze consumer demand," said Helen Dickinson, chief executive of the British Retail Consortium. "Many customers are buying down, particularly with food, choosing value range items where they might previously have bought premium goods," she added.
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