Heatwave and online shopping drive up retail sales in Great Britain
📰 source: theguardian_business · 💼 business
retail sales in great britain rose 1% month on month in june, beating analyst expectations of a 0.3% decline. online sales hit their highest level in five years, driven by promotions, record heatwave, and world cup shopping. year-on-year sales climbed 4.2%, nearly double the forecast 2.3%.
non-store retailing jumped 4.4% month on month, while clothing stores rose 1.9%. however, department stores fell 1.7% and household goods stores dropped 0.6%. the ons cited strong demand for air conditioning, outdoor products, and clothing. analysts warn that energy price cap rises and high interest rates could weigh on future spending.
why it matters: uk retail defied expectations with a heatwave-fueled boost, but headwinds from energy costs and rates may cool spending.
source: theguardian_business
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