UK retailers have experienced the worst sales this month so far since sales record started, as the consumers prepare for the approaching Brexit.
As per the sales data gathered by BRC (British Retail Consortium), the total sales rose by around 0.3 percent in the month of July than compared to the 1.6 percent increase in same month last year.
With the UK economy experiencing increasing uncertainty, thee rise recorded was the worst since sales records started in the year 1995, said industry lobbying group.
The CEO of BRC, Helen Dickinson said that the low wage growth for Brexit as well as UK households had left the consumers spending withered. Average sales growth in the last 12 years was around 0.5 percent, the weakest recorded so far.
On the other hand, the official sales data collected by the Office for National Statistics prove to be much better than what the surveys conducted by retail industry conveyed. The amount of goods purchased in the month of July rose by 1 percent that month, thus beating the expectations of City economists of a drop in sales.
As per BRC, June as well as July both were the weakest on record. In fact, even another retailers’ survey conducted by Confederation of British Industry found that the sales dropped this month, thus indicating the worst expansion in 8 years.