Retail sales hurt by Olympics

Retail sales in the UK fell during in August as people put off shopping to watch the Olympics.Retail sales hurt by OlympicsSales fell 0.2% in August from July according to the Office for National Statistics (ONS).

The ONS said the decline was also driven by a fall in online sales, as consumers watched the Olympics instead of shopping on the internet.

However, sporting goods and toy stores saw a sales boost from the Olympics and the new football season.

Compared with a year earlier, sales volumes rose by 2.7% in August, said the ONS.

Online retail sales in August accounted for 8.1% of total retail sales excluding automotive fuel, a fall from the 9.0% recorded in July. It was also the lowest proportion in a year, it said.

Analysts said the weak overall sales figure underlined persistent worries over the strength of the economy. Markets had been expecting a fall of 0.4%.

The British Chambers of Commerce said the smaller than expected monthly fall and the year-on-year increase in retail sales supported their view that GDP would return to positive growth in the third quarter, although the pace of recovery would remain modest.

Some of the weaker spending in August could be a result of a 2.5% monthly rise in petrol prices last month that squeezed discretionary spending, analysts suggested.

October 8, 2012 · Home Based Jobs · Comments Closed
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