Consumers opt for eating out rather than shopping
August was the worst month for British retail sales since the global financial crisis of 2008, as consumers opted for eating out or holidays rather than shopping.
Accountancy firm BDO said its monthly High Street Sales Tracker survey showed a 4.3% annual fall in August sales: the largest drop since November 2008 and the sixth monthly dip this year.
The BDO said that all retail sectors were subdued in August, with fashion sales down 5.5%, homewares falling by 3.3% and lifestyle goods slipping by 1.3%.
Though online sales rose by 11.4%, the rise was the lowest by the survey.
‘The high street was losing out as UK consumers opted to spend their disposable income on leisure pursuits, eating out and holidays. The strength of the pound has encouraged Brits to spend more abroad rather than in the UK,’ says said Sophie Michael, BDO head of retail and wholesale.