What They Say
We’ve reported on weak demand in the US consumer market recently (Amazon Prime Day Discounts in US Signal Slumping Consumer Demand) and now Coresight Research has said that the revenues in UK retail grew 1.7% year on year in June, but volume declines were down 5.9% with online sales down 9.7% year on year. This was the biggest volume decline in more than 30 years.
What We Think
There is much talk of UK consumers ‘hunkering down’ but clearly they are finding some cash from somewhere. However, with high inflation, the real growth was negative so there must be plenty of caution around. It’s not really a surprise to see online sales down, many have returned to in-store buying now and a year ago things were still just opening up. (BR)
Image:visitlondon.com
