High road data destructive gross sales for first time in additional than two years
T
he excessive road has recorded destructive gross sales for the primary time in additional than two years as the price of dwelling bites, in response to new figures.
Total like-for-like retail gross sales, combining in-store and on-line, fell by 1.5% total in contrast with final May, in response to enterprise advisory agency BDO’s newest High Street Sales Tracker.
Online gross sales fell by 3.3%, one of many lowest outcomes recorded exterior of the pandemic, whereas in-store gross sales rose by simply 1% throughout the month.
These outcomes are extraordinarily discouraging
The homewares sector recorded a “very poor” whole fall of 9.2% in May – off the again of final May’s 14.9% decline – as the upper price of big-ticket gadgets and rising rates of interest deterred budget-conscious consumers from spending on furnishings and electronics.
Fashion recorded its third consecutive month of poor outcomes, with whole gross sales down by 1.5% in May – the primary time in additional than two years that the sector has recorded destructive development.
The way of life sector was the one class to report development in May, however at a “far from reassuring” 0.7%.
The destructive figures mark the top of 26 months of constructive outcomes relationship again to March 2021.
Sophie Michael, head of retail and wholesale at BDO LLP, stated: “These results are extremely discouraging.
“Like for likes are an absolute value and therefore, given the high inflation rates, these figures suggest significant drops in volumes.
“With three bank holidays last month and the fact that footfall has increased compared to this time last year, these results highlight the huge pressure on the consumer purse.
“The drop in online sales is also stark, recording the worst online sales results on record with the exception of the months impacted by the Covid-19 pandemic.”