Indicators
Britain’s Retailers Report Sharp Drop in Spending in Colder June
- BRC report indicates a decline in shop sales in June
- Barclays data shows first drop in card spending since Covid
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British consumers reined in spending on clothing in June during a cold spell, another indication that poor weather has contributed to lackluster economic growth.
Barclays Plc said that weaker retail sales drove a 0.6% year-on-year drop in card spending last month, the first decline since the depths of the Covid lockdown in early 2021. Separate figures from the British Retail Consortium and and KPMG showed total retail sales fell 0.2% in June — a reversal of fortunes from an annual gain of 4.9% a year ago.