UK retail sales record biggest monthly drop since 2023
LONDON: British retail sales volumes recorded their sharpest drop since December 2023 last month, as demand fell back after shoppers splurged on food, summer clothes and home improvements the month before, official figures showed on Friday.
Retail sales volumes dropped by 2.7% in May, the Office for National Statistics said, a much sharper decline than the median forecast of 0.5% in a Reuters poll.
Sales volumes were 1.3% lower than a year earlier, the biggest drop since April 2024 and well below a Reuters poll forecast for 1.7% annual sales growth.
April data had shown robust sales growth after demand was boosted by unusually sunny weather for the time of year and GfK consumer sentiment data for June, released earlier on Friday, showed the highest sentiment so far this year.
However, reports from retailers have been more mixed. The British Retail Consortium said earlier this month that sales growth slowed sharply in May as shoppers had done much of their summer purchases a month earlier.
Updates this month from major British retailers have been mixed. Tesco, the country's biggest food retailer, beat expectations for first quarter sales, despite what it called an 'intensely competitive' market.
However, struggling discounter Poundland said it plans to close 68 stores.
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