High Street Retailers’ Sales Decline in June, Despite Offering Discounts
Arslan Butt•Friday, July 5, 2019•1 min read
Has Brexit impacted the consumer sentiment in Britain? Sales at high street retailers declined by 0.8% YoY in June, despite the early summer sales and discounts offered to consumers.
According to BDO’s High Street Sales Tracker, in-store sales have failed to grow in 16 out of 17 months so far. Even the recent report by the Confederation of British Industry (CBI) had revealed that retail sales had declined at the fastest pace in 10 years during June.
Retailers continued to offer discounts to woo consumers, but an overall lack in confidence and funds seems to have kept consumers away. However, the sole silver lining has been in the homeware sector where the sales rose by 5.6%.
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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