Retail sales unexpectedly rose in May, boosted by an extra bank holiday to mark the coronation of King Charles but also suggesting most consumers were coping with high inflation’s squeeze on their spending power.
Figures released this morning by the Office for National Statistics pointed to strong sales by online retailers selling outdoor-related goods and summer clothing which was boosted by the warm weather in the second half of the month.Garden centres and DIY shops also benefitted.
Food stores sales volumes fell by 0.5% in May 2023, with some anecdotal evidence of increased spending on takeaways and fast food because of the extra bank holiday, however retailers also indicated that increased cost of living and food prices continued to affect sales volumes.
