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23 June | Other

UK retail sales drop sharply in May

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UK retail sales drop sharply in May

UK retail sales slumped 2.7% in May, marking the steepest drop since December 2023, according to the Office for National Statistics’ (ONS) data released on Friday. The fall followed a rise in April, when consumers were actively purchasing home improvements, food, and summer clothes. The monthly decline was mainly due to lower spending on tobacco and alcohol, as well as reduced footfall at stores. 

Sales volumes dipped 1.3% from a year earlier. Economists had expected the figure to grow, but the actual data came weaker than forecasts. Hannah Finselbach, ONS statistician, says May was a hard month for retailers. 

Paul Dales of Capital Economics believes lower sales point to the end of economic growth seen in the first quarter. However, consumer demand may remain relatively steady throughout the year.

Elizaveta Kuzmicheva MarketCheese

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