Retail Spending Picks Up in Britain During November: BRC
A recent report from the British Retail Consortium (BRC) reveals a pick up in retail sales during November as consumers shrugged off some of gloom surrounding Brexit uncertainties. Seasonally adjusted retail spending has increased by 0.9% YoY in November, even though the total retail spending came in 4.4% lower than the corresponding period a year ago.
This marked the highest increase seen since January and April, which included Easter sales. Wage growth and moderate levels of inflation have helped retail spending remain strong enough to support the British economy through the turmoil caused since the Brexit referendum back in 2016.
BRC indicates that the increased optimism among British consumers was driven by receding concerns of a no-deal Brexit taking place. As a next step, according to BRC chief executive Helen Dickinson, “If the next government wishes to see retail spending remain healthy in 2020 it is essential they clarify our future relationship with the EU as soon as possible.”
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