Because of the department store discounts in June retail sales in the UK rose by 0.2% compared to the previous month which meant about 2.2% higher than sales in the previous year. Please check our sales and purchase agreement template.
According to analysts consumers buy more due to the good weather so the growth in retail sales has to continue.
“The weather will have lifted consumers’ spirits and willingness to spend, as will a recent series of positive economic indicators including increased housing activity, stable inflation and a small rise in lending,” said Ian Geddes, UK head of retail at Deloitte.
For June sales have grown with 3% which is the highest growth since March 2012.
Clearance sales and different promotions helped the department stores sell their goods faster.
A growth in the sector by 0.9% is expected by the ONS for the second quarter of the year.
About 5.7% of economy is based on retail industry.
ONS announced that supermarkets’ food sales fell in June by 0.1% and non-food stores grew by 0.6%.
Unfortunately consumers still do not spend much money because of the inflation and the fact that their wages do not change for better.
Data show that the annual rate of inflation rose to 2.9% in June, and annual wage growth was 1% in the three months to May 30.
In the words of Chris Williamson, chief economist at Markit, the second quarter of the year was extremely good for retail sales and the rate of growing would rise almost twice.
“The data add to evidence that the pace of economic recovery has clearly picked up since earlier in the year, and there are encouraging signs that momentum will be sustained as we move into the second half of 2013.”