The Independent reports a significant slowdown in retail spending in the UK for May, marking the lowest growth of the year due to declining consumer confidence. The British Retail Consortium's latest figures reveal a 1% year-on-year increase in total retail sales, spurred primarily by a 3.6% rise in food sales linked to seasonal activities. However, non-food sales decreased by 1.1%. Retailers are under pressure from rising operational costs, including National Insurance contributions and upcoming packaging taxes, which are affecting spending behavior.
Retail spending in the UK slowed to its lowest growth rate of the year in May, driven by a significant dip in consumer confidence amidst rising costs and economic uncertainty.
Despite the overall dip in spending, food sales saw an increase of 3.6% due to seasonal events, highlighting a shift in consumer behavior towards necessities during tough times.
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