By Peter McLaren-Kennedy • 25 March 2022 • 9:28
UK retail sales fall as consumer confidence drops
Official data released by the Office for National Statistics (ONS) on Friday March 25th shows that online shopping levels sank to below pre-pandemic levels. High street sales also fell during the month with the bad weather to blame as the UK was battered by storm after storm.
Actual sales volumes were down by 0.3% from January according to the ONS in contrast to a poll by Reuters that had economists predicting a 0.6 percent monthly rise in retail sales.
Sales volumes were 3.7 percent above their pre-coronavirus levels of February 2020 but the share of online sales in value terms was its lowest since March 2020 at 27.8 percent.
When compared with a year earlier, overall sales volumes were up by 7 percent, short of the 7.8 percent growth expected in the Reuters poll.
A forecast by Retail Economics suggested that the UK economy would grow by 5.2 percent in 2022, with retail sales growing by 2 percent. They have placed a caveat on that number saying that there a squeeze on incomes will see a drop in spending power. The factors that are contributing to the drop in spending power include:
Although UK consumer confidence is not expected to rise in the short term with the war in Ukraine playing heavily on European economies, retail sales fall are expected to be up in March due in part to the warmer weather.
Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you don’t already have one. Review our
Originally from South Africa, Peter is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news.
Got a news story you want to share? Then get in touch at [email protected]
Your email address will not be published. Required fields are marked *
Download our media pack in either English or Spanish.