Consumers have shrugged off the current economic climate and rushed out to the shops after a record level of retail spending was recorded last month.Figures from the Office for National Statistics showed that British retail sales soared in May, increasing at the fastest pace of growth since the series began in 1986. The news has [...]

More: British retail sales soar in May

That is interesting. I thought that with the inflation that consumers have lost hope. But maybe their months of saving have rebuilt their confidence and who could turn down the spring and summer sales

Im not sure if this is a good thing, on the one hand sales are always good for the economy. On the other it could just be more credit card spending between a slight improvement in the credit market and the effect of high commodities kicking in.

When high commodities kick in I think this may be looked back on as a blip.

I'm wondering if we're looking at a "diet mentality" issue here - ie, the less you are allowed a thing, the more likely you will try to have it.

I've noticed myself, when budget's have been stretched, I've resented this and bought. It takes a lot of willpower to refrain from buying when you feel just buying "something" could help cheer things a little. Of course, if people are really doing that a lot, then the retail sales are powered by debt, which isn't a good signal.