Retail Sales Across the UK Fall in August

According to the British Retail Consortium retail sales across the UK dropped throughout August. As heightened inflation and poor consumer confidence continue to negatively affect spending, a marked decrease was seen on the high street. The group however did dismiss the riots as being a major cause in the drop, saying the disruption was not widespread or long enough to have any significant affect on the sales figures. Data releases on Monday did suggest that the riots did affect footfall on high street throughout the UK, which inevitably would affect sales.

The British Retail Consortium has said that like-for like sales dropped by 0.6% in August this year compared with 2010. This figure does not include sales figures for new stores. Total sales for August 2010 saw a 2.8% increase. This year however the figures were only up by 1.5%.

Other data published yesterday again showed sluggish activity in the services sector in the UK, which saw the largest monthly decrease for over ten years. Food and drink sales increased during the month, whereas clothes remained the same. All other goods, including furniture and footwear, saw falls in sales.

It would seem that high inflation, knocked consumer confidence and the squeeze of personal finances across the country are taking their toll. Many of us are dipping into our savings accounts in order to maintain the lifestyle we have grown accustomed to but perhaps can no longer afford. Others are taking out loans and putting more and more expenses on credit cards.

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Consumers are Happier!

Good news! Consumer confidence was up in January - and by nearly three times more than in January 2008.

January 2008 was a time of deep doom and gloom about the economy, yet no-one expected that the recession would continue as long as it did...

So, are more people out and about shopping and being happy consumers? Well, not quite - but the outlook seems to have improved. Now that the country has officially exited the downturn (though at 0.1% it was hardly earth-shattering) it looks as though overall there is a more positive outlook.

Meanwhile, the currency exchange market is eagerly waiting for the BoE's latest decision on the asset-buying programme ---- will it continue? Or is it time to slow it down - one might think consumers would probably say we're ready to stand alone!