British shoppers cut back on their spending last month by the most in more than ...
LONDON - British shoppers cut back on their spending last month by the most in more than 20 years, a retailers’ group said, raising questions about how long consumers can keep on cushioning the economy from the impact of Brexit.
The BRC said May’s fall should be seen in the context of an unusually strong jump of 4.1% in May 2018, when sales were boosted by sunny weather and the marriage of Prince Harry and Meghan Markle which encouraged consumers to hit the shops. In like-for-like terms, which smoothes out changes in the amount of retail space, sales fell by 3.0% in May, the biggest fall since the end of 2008, excluding Easter periods.
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