Retail sales fall despite World Cup and hot weather boosting alcohol and drinks trade – business live

Retail sales fall despite World Cup and hot weather boosting alcohol and drinks trade – business live

Rolling coverage of the latest events in global financial markets, the economy and major corporate moves Despite the monthly fall, the ONS said, sales volumes still rose for the three months to July (the darker of the two lines), boosted by stronger showings earlier in the summer. The retail sales data suggests that previous resilience among British consumers in the face of war and rising energy prices may be dropping off slightly, experts said. After an extended spell of warm weather across large parts of the UK, many households will already have bought what they need for the season, while lines of popular summer products come to an end. The boost from the World Cup that came to an end in the first half of July also meant fewer opportunities to capitalise on the warmer conditions. The 0.5% fall in U.K. retail sales in July suggests the resilience of consumer spending over the first half of the year is fading. The weakness may partly reflect a temporary drag from the exceptionally hot weather, which the ONS notes reduced footfall in many stores. But alongside the continued boost from the World Cup, warm temperatures are also reported to have helped sales in other retailers, notably supermarkets. Continue reading...