Shoppers slow spending as consumer confidence dips

The soaring cost of living has seen consumers slowdown spending, according to the latest retail monitoring report from BRC-KPMG.

10 May 2022

The soaring cost of living has seen consumers slowdown spending, according to the latest retail monitoring report from BRC-KPMG.

Data showed total sales fell 0.3% in April - the first decline in 15 months. On a like-for-like basis, UK retail sales dropped by 1.7% as shoppers reduced their spending on big ticket items.

Non-food sales increased by 6.9% over the three months to April, compared with the same period last year, driven by higher inflation. Total food sales for the three-month period declined by 1.3%.

Helen Dickinson, Chief executive of the British Retail Consortium (BRC), said the rising cost of living had 'crushed consumer confidence and put the brakes on consumer spending'.

She added: 'Sales growth has been slowing since January, though the real extent of this decline has been masked by rising inflation.

'Big ticket items have been hit hardest as consumers reined in spending on furniture, electricals and other homeware, compounded by delays on goods coming from China.'

Free Consultation

Get in touch with us today for a fresh perspective and a free consultation.

Connected Accounting

Providing simple to understand accounting services for private and business clients with a hands-on approach. Building strong long-lasting relationships that you can trust.

Connected Accounting Limited | Registered Number: 09617704 | Registered Office: St Albans office

St Albans

Contact Details

London Office:
Connected Accounting, 107-111 Fleet Street, Blackfriars, London EC4A 2AB
St Albans Office:
Connected Accounting, Fountain Court, 2 Victoria Square, Victoria Street, St Albans AL1 3TF .

Call us: 01727 537 160

2021 WFA Winners

Reviews and Ratings for Accountant Samuel Troy, Tonbridge
Home | Our Pricing | Resources | Contact us | Accessibility | Disclaimer | Privacy | Help | Site map | © 2022 Connected Accounting. All rights reserved. We use cookies on this website, you can find more information about cookies here.