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8 Jul 2024

Become a Luchos Distributor - Deal Directly

2 Jul 2024

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2 Jul 2024

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ACT member e-Velo is to open a new store in the Royal Arcade in Norwich in July, selling a range of e-bikes from some of Europe's top brands.

1 Jul 2024

Bicycle manufacturers say they are optimistic about the bike industry’s growth prospects, anticipating a boost in sales – supported by a ‘positive impulse’ from the...

1 Jul 2024

Although London has some of the best cycling infrastructure in the UK it continues to lag behind European cities including The Hague and Paris, according to a new global survey.

1 Jul 2024

ACT partner V12 Retail Finance has been announced as the sponsor for the Retailers Category at the BikeBiz Awards 2024, in association with Push.

1 Jul 2024

Consumer confidence is up in the UK for the third month in a row, according to GfK’s long-running Consumer Confidence Index.

24 Jun 2024

A cycle shop owner has criticised the police’s “abject apathy” towards bike theft after thieves attempted to break into his store for the second time in a year, on the same...

19 Jun 2024

Cytech-partner Activate Cycle Academy, which has specialist cycle maintenance training centres in Oxford, Guildford, Stafford and Darlington, will be exhibiting at this weekend’s York...

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Retail sales rose in July but ‘rocky road ahead’ forecast for retailers

Posted on in Business News , Cycles News

According to the BRC-KPMG Retail Sales Monitor, retail sales rose in July though the news came with a warning that this could be the “lull before the storm”.

UK retail sales were up 1.6% on a like-for-like basis against an increase of 4.7% in July 2021 according to the new data. During the quarter to July in-store non-food sales increased by 1.2% on a like-for-like basis since July 2021. This was below the 12-month growth of 34.4%. Online non-food sales were down, however, by 3.9% against a decline of 0.6% in July 2021 and a 12-month decline of 14.1%.

KPMG head of retail Paul Martin said: “Despite consumer polls suggesting confidence is at an all-time low, this hasn’t translated to money not being spent at the tills, as consumers are determined to enjoy delayed holidays and an unrestricted summer.”

However, he sounded a note of caution, warning: “The summer could be the lull before the storm with conditions set to get tougher as consumers arrive back from summer breaks to holiday credit card bills, another energy price hike and rising interest rates. With stronger cost-of-living headwinds on the horizon, consumers will have to prioritise essentials, and discretionary product spending will come under pressure.”

He added: “As margins continue to be challenged, and costs continuing to rise, a significant drop in demand come the autumn will have detrimental impact on the health of the retail sector. Truly understanding individual customer buying patterns and being able to differentiate these will become increasingly more important for the sector.”

BRC chief executive Helen Dickinson, said:

“Sales improved in July as the heatwave boosted sales of hot-weather essentials. Summer clothing, picnic treats and electric fans all benefited from the record temperatures as consumers made the best of the sunshine. However, with inflation at over 9%, many retailers are still contending with falling sales volumes during what remains an incredibly difficult trading period.

“Consumer confidence remains weak and the rise in interest rates, coupled with talk of recession, will do little to improve the situation. The Bank of England now expects inflation to reach over 13% in October when energy bills rise again, further tightening the screws on struggling households. This means that both consumers and retailers are in for a rocky road throughout the rest of 2022.”

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