UK sees higher than expected retail sales

For the month of September, British retailers experienced better-than-expected sales from consumers, increasing by 0.6 percent from the previous month. This follows a 0.1 percent drop in August.

Bloomberg Businessweek reports that according to the United Kingdom’s Office for National Statistics, the results were higher than expected, as economists had anticipated only a 0.4 percent gain. Research by the office suggests that one of the main contributors to the increase was the amount of consumers who flocked to store to purchase winter clothing and school uniforms, the news source states. Clothing retailers saw a 2.1 percent rise from August.

The recent numbers are giving the country hope, as many believe it could be a sign that the U.K economy is improving, The Guardian reports. Since the retail results from this summer’s London Olympics, along with the Queen’s Diamond Jubilee, were not as successful as was hoped for, the country is looking for some signs of growth.

“This is a marked improvement from the low growth seen over the past two years and suggests that after experiencing tough trading conditions for a prolonged period of time, retailing conditions could be improving now,” Berina Urici, an economist at Barclays Capital, told the source.

Published on: http://retailpro.com/community/blog/

Written by

No Comments Yet.

Leave a Reply

You must be logged in to post a comment.