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16 February 2018

High street sales disappoint as shoppers save their pennies

The high street has had a lean start to 2018 with retail sales coming in sharply lower than expected during January. Overall retail sales volumes were up 0.1% compared to analyst estimates of 0.5%.
 
Roy Kaitcer, Investment Manager, said; “Retail sales have been disappointing for January, at the bottom end of expectations. 
 
“Getting fit was clearly a New Year’s resolution for many shoppers as 2018 began, but a rise of almost 11% in sports equipment sales was offset by food sales, which have fallen as food store prices have continued to increase.
 
“British households have remained under pressure as inflation has outpaced wage growth and remained at 3% during January, above estimates for 2.9%.
 
“This morning’s figures have curbed earlier progress in Sterling, which reached $1.4144 ahead of this morning’s data with expectations that the Bank of England will tighten monetary policy faster this year. However, at the time of writing, the Pound was up just 0.1% against the dollar at $1.4108.”
 
High street sales disappoint as shoppers save their pennies
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