Retail Spend In The UK Decreases In March: GlobalData
UK retail spending fell in March, as customers cut back on non-essential purchases, data and analytics company GlobalData has found.
According to GlobalData, the total retail spend index dropped in March, which means that 2019 has, to date, been a challenging year for UK retailers.
In comparison to February, the index in March fell by 3.6 percentage points.
Brexit, which continues to cause poor consumer confidence, is said to be the main reason for this development.
"The potential extension of the Brexit deadline to 31 October 2019 is likely to constrain consumer spending on non-essential goods throughout the period, in particular, due to concerns surrounding inflation," said Emily Salter, a retail analyst for GlobalData.
Additionally, British consumers have diminished spending on unnecessary items, including electricals and homewares, because of financial uncertainty.
Moreover, the late date of Easter could have persuaded British people to delay their purchasing until April.
Replacement purchases likely caused an increased spend on clothing, as well as footwear, in February, when consumers brought forward new-season spending because of the warm weather, GlobalData reported.
This is another reason why customers bought fewer items in March.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Jana Zimmermann. Click subscribe to sign up to ESM: European Supermarket Magazine.