British consumers reined in their spending in February ahead of Brexit as shoppe...
LONDON - British consumers reined in their spending in February ahead of Brexit as shoppers focussed on buying food, including for stock-piling, rather than non-essential items, data released on Tuesday showed.
The British Retail Consortium said total sales edged up by an annual 0.5 percent, a sharp slowdown from growth of 2.2 percent in January. Employee-owned John Lewis is the only major British retailer to update on weekly sales, providing the most up to date snapshot of its customer behaviour. Sales at its department stores fell 3.9 percent in the four weeks to Feb. 23.
On a like-for-like basis, excluding changes in the amount of store space from one year to the next, sales were down 0.1 percent, the BRC said.Barclaycard said 18 percent of respondents in a poll it conducted had begun stockpiling food and essential household supplies in case of shortages after Brexit.
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