Euro 2024 and Summer Discounts Propel UK Retail Sales, Indicating Economic Upswing

Euro 2024 and seasonal promotions contribute to a surge in retail activity, indicating an expanding economy

Retailers on the high street report increased sales in football jerseys, electronics like televisions, and alcoholic beverages throughout England's progression to the Euro finals, with online shopping reaching its peak since the onset of the pandemic.

Business correspondent @taaffems

Friday, August 16, 2024, 09:

Last month, UK retail figures experienced an uptick, buoyed by the excitement of Euro 2024 and seasonal sales promotions, according to recent government data, indicating further economic expansion.

The Office for National Statistics (ONS) reported a 0.5% increase in retail sales for July, following a decrease of 0.9% in June.

The actual figures fell marginally short of expectations, as a group of economists had anticipated a 0.7% rise for the month.

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The rise was attributed to price reductions on sports gear and at department stores, spurred by heightened buying during the Euros football event, according to the ONS.

Main street stores reported increased sales in football jerseys, electronics like televisions, and alcoholic beverages throughout England's progression to the Euro final.

Apparel and shoe stores experienced a 0.6% decrease, and stores selling home goods also reported a 0.6% drop in sales volumes.

In the same period, sales at food retailers showed no change.

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The decrease in purchasing during June was linked to factors including electoral doubts, adverse weather conditions, and reduced customer presence. However, the downturn was not as severe as initially estimated, with the 0.9% decline being an improvement from an earlier projection of 1.2%.

For the 11th consecutive month, clothing sales declined, coinciding with the delayed onset of warmer weather typically expected in late July.

Online sales increased and accounted for 27.8% of total sales, reaching the highest level since February 2022, during the COVID-19 pandemic.

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What is the significance of this?

Retail sales data are crucial because they represent household spending, which is the biggest component of the UK's economic activity. Additionally, these figures provide insight into consumer confidence regarding their personal financial situation and the overall economic landscape.

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The recent update from the Office for National Statistics concludes a series of disclosures indicating that the UK economy expanded by 0.6% in a quarter; inflation increased to 2.2% in July, rising from 2% the previous month; and although wages continue to grow, the rate of increase has decelerated.

The recently elected Labour administration is banking on economic growth to fuel higher public expenditure and achieve its broader objectives.

Chancellor Rachel Reeves highlighted that the Conservatives had created a £22 billion shortfall in public finances, marking the most challenging economic situation for any new government since World War II.

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