UK retail sales increase by 0.5% per month
Retail sales jumped in June as soccer fans ate and swallowed the Euro 2020 Football Championship following the May recession.
The National Bureau of Statistics revealed on Friday that month-to-month retail sales in the UK increased by 0.5% between May and June.
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According to a Reuters poll, this figure is 0.1% higher than the expected expansion for economists.
Food store sales, which saw a 4.2% increase, were the biggest contributor to June figures. The ONS also said they are directly linked to the Euro 2020 Football Championship.
“Retail sales in June were featured again following the dips seen last month. The main driver comes from food and drink sales that are enjoying the euro by British football fans.
Danni Hewson AJ Bell Financial Analyst commented on the latest retailer numbers.
“The crisp aisles of my local supermarket told the massive Tale write on the latest British retail map. The day England abandoned Germany, the shelves looked like they were destroyed by Nacho-loving horde. The surge in Instore Food Sales helped give a little lift to the sector that saw the fallback last month when consumers returned to bars and restaurants.”
Data also revealed that spending on home facilities slowed as non-food store sales fell 1.7% in June.
Meanwhile, automobile sales have increased as workers have had to find a way to go to the office and others have to travel around the UK for holidays.
“I found life and new normal people were filling up their vehicles for commutes and joy, but the salile is still dropping to pre-pandemic levels. Back to the pump,” Hewson said.
“What these figures share with us is the fact that people are spending and embracing all the new opportunities they come in. After novelty, excitement, opportunities and months of constraints All the key factors. New freedoms seduce more people or kick people out of busy indoor spaces is a difficult question to answer, and savings can only be used once.”
