• Retail spending in August reaches two-year high

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    New statistics have revealed that Britons choosing to holiday at home and an influx of tourists created an increase in spending through the month of August.

     

    The survey, commissioned by accountancy firm BDO found that UK like-for-like sales values rose 2% in August after falling 0.6% in July, the biggest rise since September 2015 and the strongest performance in an August for four years.

     

    The survey highlighted a particularly strong performance for lifestyle goods, with sales rising 3.1% year-on-year as a result of increasing numbers of foreign tourists and “stay-at-home holidaymakers.”

     

    Fashion sales also saw a new high since November 2016, increasing by 1.5%, along with homeware sales which were up by 1.9%.

     

    “As school terms begin after the summer break and the start of festive trading nears, retailers will be gearing up for their most critical trading months,” said Sophie Michael, head of retail and wholesale at BDO.

     

    “The uncertain environment and fragile consumer sentiment requires all retailers to be ever more strategic with their pricing and promotional activities.”

     

    A separate survey by the British Retail Consortium also revealed that retail sales had grown by an annual 1.3% on a like-for-like basis, but warned that growth in volume terms was weaker than in the previous 12 months.

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    Stuart O'Brien

    All stories by: Stuart O'Brien

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