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12.07.2016 06:22

Consumer spending in UK grew at its slowest rate since the depths of the 2008-09 recession

According to theguardian, consumer spending grew at its slowest rate since the depths of the 2008-09 recession in the three months leading to the EU referendum, but retailers have blamed bad weather for the tough trading conditions.

The monthly survey of high street and online sales from the British Retail Consortium and KPMG found that sales in the second quarter of 2016 were up 0.5% on the first quarter and 1.2% up on an annual basis. The BRC said this was the weakest performance since May 2009, when the economy was contracting during its longest and deepest postwar recessions.

In June alone, total sales were 0.2% higher than in the same month last year, but were 0.5% lower on a like-for-like basis, which takes account of increased retail capacity over the past 12 months.

David McCorquodale of KPMG said: "As consumer attention shifted indoors to escape autumnal downpours, furniture and home accessories bounced back in the month, with bigger-ticket items proving relatively resilient in the days immediately following the EU referendum.

Spending growth slows as shoppers delay big purchases

"With May sunshine a distant memory, however, summer wardrobes remained bare as sales of women's fashion and footwear plummeted following one of the wettest and dullest starts to a UK summer since records began."

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