British retailers experienced a lift in sales last month, spurred by the excitement of Euro 2024 and summer discount events, signaling further momentum in the economy.
According to the Office for National Statistics (ONS), retail sales in July saw a 0.5% increase, bouncing back from a 0.9% decline in June. While this growth was slightly below the 0.7% forecasted by economists, it still reflected positive trends.
The ONS attributed this uptick to discounts in sports equipment stores and department shops, fueled by the enthusiasm surrounding the Euros football tournament. High street retailers reported stronger sales of football merchandise, electronics like televisions, and alcoholic beverages during England’s run to the final.
However, not all sectors fared as well. Clothing and footwear shops saw a 0.6% drop in sales, as did homeware stores. Food stores, on the other hand, experienced flat sales for the month.
June’s dip in sales was linked to factors such as election uncertainty, poor weather, and reduced foot traffic, though the initial 1.2% decline was revised to a less severe 0.9%.
July marked the 11th consecutive month of declining clothing sales, partly due to the late arrival of warmer weather.
Despite these challenges, online sales saw growth, accounting for 27.8% of total sales—the highest share since February 2022, during the COVID-19 pandemic.
Retail sales data is crucial for gauging household consumption, which represents the largest component of expenditure in the UK economy. It also offers insights into consumer confidence regarding their financial situations and the broader economic landscape.
This report concludes a week of significant economic updates, including a 0.6% growth in the UK economy over the past three months, a slight rise in inflation to 2.2% in July, and continued wage growth, albeit at a slower pace.
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