British Consumers’ Retail Spending Sees Sharp Fall During April - Forex News by FX Leaders
British Consumers' Retail Spending Sees Sharp Fall During April

British Consumers’ Retail Spending Sees Sharp Fall During April

Posted Wednesday, May 13, 2020 by
Arslan Butt • 1 min read

Retail spending by British consumers registered a sharp contraction during the month of April as a result of the lockdown measures imposed by the government in the wake of the coronavirus pandemic. According to the latest survey by BRC, total retail sales declined by 19.1% YoY during April, the fastest rate of contraction on record since the survey began.

In-store sales of non-good items was down by 36% even as sales of food items rose by 6% in April. Consumers, however, increased their online spending on non-good items by almost 60% amid the lockdown.

Meanwhile, according to a separate survey by Barclaycard, British consumers spending using their credit and debit cards also contracted by 36.5% YoY for the period. The contraction was a direct result of the shutdowns across the country, which forced people to stay indoors and cancel their plans for travel, eating out, and make non-essential purchases.

Barclaycard’s survey also indicates a 14% rise in supermarket sales and a 27% increase in online shopping, espcially on home improvement, while sales at pubs and restaurants were down by 97%. Consumer confidence in the economy has slumped to the lowest levels seen in around six years as a result of the ongoing crisis, with only 20% respondents feeling optimistic about the economic outlook.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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