Retail sales data, June 2016 - PwC comments

Published at 10:17 AM on 16 June 2016

In response to the latest retail sales data, John Hawksworth, chief economist at PwC, commented:

“After a soft patch in February and March, retail sales volumes bounced back strongly in April and May. UK consumers, buoyed by the strong fundamentals of jobs growth and rising real earnings, seem so far to have largely shrugged off the effects of uncertainty related to the EU referendum. This effect seems so far to have weighed more heavily on business investment than on consumer spending.

“Average retail prices actually rose slightly between April and May, but the underlying trend over the past year has still been for an average price fall of around 3%. This reflects severe price competition on the high street and online, as well as generally subdued global commodity prices. It remains a Darwinian struggle for survival for many high street retailers, with long-established brands under constant pressure to adapt or perish.”

Ends.

For further information please contact Tilly Parke: [email protected] / +44 20 7804 8761


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