UK retail sales up in April
Consumer spending increased in April after retail sales were up 0.9% during the month compared with March, beating analysts expectations who had forecast a rise of just 0.5%.
However, on an annual basis, sales were up 2.6% compared with April last year, according to the Office for National Statistics (ONS).
Analysts believe record low interest rates are tempting shoppers back to the stores, despite the economic downturn and rising unemployment.
Other surveys have revealed that retailers received a boost due to a later Easter and good weather.
However, despite the positive figures, analysts have cautioned that retail sales could still fall back due to fears over job security and that rising unemployment is likely to “drag down future spending“.
According to the ONS, clothing and footwear sales performed strongly, while department stores experienced their best annual growth since February last year.
Sales of textiles, clothing and footwear rose 11.9% in April, while a 0.5% rise was reported at food stores.
However, household goods declined by 8%.
Commenting on the figures, Vicky Redwood of Capital Economics, said: “The High Street has enjoyed a decent bounce in spending lately”.
However, Ms Redwood cautions that she is doubtful that “this is the start of a sharp or sustained consumer recovery.”
Visited 2202 times, 1 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.