Retailers lead the declines in London after poor BRC numbers
The British Retail Consortium says while it saw a rebound in May, the positive performance was not as roubst as economists had suggested.
It said that UK wide retail sales rose 0.4% year-on-year (YoY) on a like-for-like basis, reversing from a 4.4% decline in April. Economists had anticipated a 1.2% rise. The BRC explained a lower-than-expected increase with the past month's poor weather. Non-food sales fell 2.4% YoY over the three months to May, against a growth of 0.7% in May 2023.
(AI Video Summary)
BRC reports underperforming May retail sales figures
The British Retail Consortium (BRC) reported a modest year-on-year rise in May retail sales by 0.4%, underperforming against economists' expectations of a 1.2% increase. This improvement follows a 4.4% decline in the previous month, tempered by adverse weather. Non-food sales dipped by 2.4% over the three months leading to May.
Barclaycard consumer spending
Concurrently, Barclaycard consumer spending growth was the lowest since February 2021, rising just 1%. Financial markets reacted negatively, evidenced by declines in the FTSE 100 and FTSE Mid Cap 250 indices. Sterling weakened against major currencies, influenced by the disappointing retail data and movements in the US dollar.
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