Retail sales fell significantly last month, with hopes pinned on England's success at the World Cup. The decline was largely attributed to a decrease in fuel and clothing demand, partly due to hoarding by fuel retailers. Analysts see signs of consumers cutting back and businesses pinning hopes on a summer boost from the World Cup and warmer weather.
Retail sales tumbled last month as Brits braced for impact from the Middle East crisis - with hopes pinned on England success at the World Cup .
Volumes fell 1.3 per cent last month - the steepest drop for almost a year - as demand for fuel and clothing waned. That followed a 0.6 per cent rise in March, which was partly due to drivers responding to spiking prices by hoarding petrol and diesel. Analysts said signs were mounting of consumers cutting back in response to the Iran turmoil, with businesses pinning hopes on a summer boost from the global sporting festival.
Yesterday Rachel Reeves unveiled temporary VAT cuts to children's tickets at family attractions like theme parks, as well as kids' meals at restaurants. Retail sales tumbled last month as Brits braced for impact from the Middle East crisis Analysts said signs were mounting of consumers cutting back in response to the Iran turmoil, with businesses pinning hopes on a summer boost from the football World Cup.
Pictured, England playing Japan in a friendly in March ONS Chief Economist Grant Fitzner said sales volumes were still up 0.5 per cent on a rolling three-month basis. That is largely due to a bounceback at the beginning of the year.
'After strong growth last month, motor fuel sales fell in April, with evidence suggesting motorists were conserving fuel after stocking up in March,' he said. 'These subdued fuel purchases contributed to a sizeable monthly fall for total retail sales in April. ' Samuel Edwards of global financial services firm Ebury said: 'With margins already under strain, many firms are operating in an increasingly challenging environment.
'The summer period, supported by warmer weather, major sporting events and the school holidays, represents a critical trading window for retailers. ' Matt Jeffers, managing director of retail strategy and consulting at Accenture, said the drop was partly down to the early timing of Easter. 'But the fall suggests consumer caution is cutting deeper as shoppers continue to hold back on spending amid ongoing geopolitical uncertainty,' he added.
'Looking ahead, retailers can be optimistic that the World Cup and warmer weather in the summer holiday season will drive demand, particularly across food, drink, and home entertainment, though the challenge will be managing an increasingly uneven consumer market. ' Yesterday Rachel Reeves unveiled temporary VAT cuts to children's tickets at family attractions like theme parks, as well as kids' meals at restaurants
Middle East Crisis Britain Retail Sales Fuel Demand Clothing Demand World Cup England Success Iran Turmoil VAT Cuts Special Events Family Attractions Restaurants Themes Parks Kids' Meals Rachel Reeves Treasury Unveiled Temporary VAT Cuts Children's Tickets Godmother Of The Treasury General UK Economy Global Events Economist Grant Fitzner Global Financial Services Firm Ebury Retail Strategy And Consulting At Accenture Matt Jeffers
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