Marketing Newscast

(Edited 23 August 2024)

Retail sales have increased in July, with help from the Euros. 

ONS reports a 0.5% rise in the quantity of goods bought, noticeably helped by the Euro tournament and subsequent sports shop sales. Retail sales volumes rose 1.1% over the last three months, a 1.4% rise from July last year when poor weather conditions negatively affected sales in 2023. 

Department stores registered a growth of 4% in July, while sales of sports equipment, games and toy stores increased by 3.5%, a likely result of the school summer holidays and warm weather. Clothing and household goods shops experienced a 0.6% drop in sales.

UK retail sales rebound in July, 2024 

Consumer spending is a vital part of the UK’s overall economic performance, and this new data is a significant contributor to the country’s economic growth. Despite the financial success of retail, over the last three months, wage growth rose at the lowest annual rate in almost two years. 

The sale of goods bought was still 0.8% below the pre-pandemic level in February 2020, although households are spending 19% more. Despite the pandemic being almost five years ago, households are still feeling the effects when it comes to spending.