Jubilee fails to excite consumers

The poor weather dampened consumer spending in June with below expected sales for the Jubilee festivities. 

According to the Office for National Statistics sales rose by only 0.1% in June, much lower than the forecasted 0.6%. As barbeques and other events were cancelled due to one of the wettest quarters for decades, quarterly sales also suffered their sharpest fall since the beginning of 2010. 

Samuel Tombs at Capital Economics added: "June’s small rise in retail sales volumes suggested that the Jubilee provided only a negligible fillip. Indeed, abstracting from the temporary factors that have influenced spending recently, the underlying trend in sales still seems to be flat."

The economy entered a technical recession in the first quarter of the year, with gross domestic product declining 0.2%, following a 0.3% drop in the final quarter of last year.

Food sales in June were down 0.7% despite many expecting increases due to the celebrations.

However, there was good news earlier this week when the ONS reported a fall in inflation due to many retailers bringing their summer sales forward due to the wet weather.

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