Food and drink sales rise

Britons defy Brexit gloom in spending spree

Princes St retail shoppingShoppers have defied recent gloomy surveys about Brexit downturns by spending more than a year ago.

Despite regular claims of a slowdown in consumer activity, two surveys published today reflect a more positive climate for retailers.

Laura Lambie from Investec Wealth and Investment says the figures show there has been “limited fallout from the Brexit decision” on consumer spending.

Total sales increased by 1.9%, according to a survey from the British Retail Consortium and KPMG.

A second report from Barclaycard showed that Britons continued to spend on leisure activities, such as  restaurants, pubs and cinemas.

David McCorquodale, head of retail at KPMG, said “Life goes on” following the initial shock of the Brexit vote.

Picnics and barbecues had helped lift sales of food and drink, while summer promotions and holiday preparations had helped boost fashion sales.

Helen Dickinson, director general of trade body the British Retail Consortium, said its data for July highlights the difference between surveys which monitor mood and those which track spending.

“There’s a difference between what people are feeling and what they actually do. This is the results of actual spending patterns during the course of the month,” she said.



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