Retail Sales Defy Brexit Gloom

Retail sales grew by 5.9% YOY in the month following the Brexit vote, says the Office for National Statistics. Its figures for July show showed growth across all retail sectors, with the main boost coming from non-food stores.

Online sales also rocketed, as Brexit fears failed to halt the rise in e-commerce. The amount spent online increased by 16.7% YOY; and was also up by 1.2% compared with the preceding month.

Concerns that post-Brexit blues would hamper sales have been squashed as the UK recorded its 39th consecutive period of year-on-year growth. In all British shoppers spent £29.6 billion this July, compared with £28.6 billion in July 2015.

E-commerce grew particularly strongly: the average weekly spending online in July 2016 was £963.8 million; up 16.7% on last year. In total the amount spent online accounted for 14.2% of all retail spending, excluding automotive fuel, compared with 12.6% in July 2015.

The strong internet growth figures our in line with our own research, and show that there is no sign in a slow-down in the rise of e-commerce; despite the impact of Brexit and global economic pressures.

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