"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."
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.
Read at www.independent.co.uk
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