Posted 14th March

Brexit uncertainty impacts retail growth, says BRC

By KBBDaily on 14th March 2019 - 07:00am
money matters, brc, british retail consortium, kpmg, retail, sales, monitor, furniture, non-food, household, appliance, kbb, kbbdaily

The British Retail Consortium – BRC – has said that uncertainty surrounding the looming Brexit has “hit consumer spending” and therefore impacted retail growth, with UK retail sales declining by 0.1% on a like-for-like basis in February.

The latest BRC-KPMG Retail Sales Monitor also found that in-store sales of non-food items declined by 3.1% on a like-for-like basis over the three months to February, while online sales of non-food items grew by 5.4%. The online penetration rate also rose to 29.6% last month.

Overall retail sales for non-food products decreased by 0.6% on a like-for-like basis over the three months to February. However, household appliance sales rose last month. “Uncertainty surrounding the UK’s imminent exit from the European Union has hit consumer spending,” said BRC CEO Helen Dickinson.

“While real incomes have started to rise over the past year, shoppers have been reluctant to spend this February, holding back growth. This slowdown was not limited to physical stores, with growth in online non-food sales well below the 12-month average.”

She added: “With consumers increasingly aware of the risk of a no-deal Brexit, it is likely that uncertainty has driven this cautious approach to retail spending. If Government wishes to reassure both the public and businesses, they should ensure a chaotic no deal – which would lead to higher costs, higher prices, and less choice for consumers – is taken off the table with immediate effect.”

Related articles

Professional Focus: Blum UK’s Matthew Glanfield

Posted Saturday |

How can a retailer’s product selection deliver advantages to fitters, while ensuring customer satisfaction?

Revealed: The top unexpected repairs faced by new homeowners

Posted Friday |

A fifth of Brits had to fork out on average £8,000 for a new kitchen when moving into a new house

DeVol makes US debut with New York showroom opening

Posted Friday |

The new space in NoHo has four kitchen displays, brass taps, marble sinks and mottled copper worktops

Vogue (UK) makes two new appointments

Posted Friday |

Suraj Rullay, pictured left, and Rebecca Mills, right, have joined as technical designer and marketing assistant, respectively

in the spotlight

SPLIT from Salice – dividing to organise, in the most personal way

popular articles

Comedian Joe Lycett invites Birmingham Mayor to his kitchen extension opening

Joinery firm fined after two workers suffer finger amputations