Economy - - Nov 21,2016
UK retail sales rose as shoppers bought winter clothes & Halloween attires; the market has seen a sudden growth even after the adverse effects of Brexit.
This retail growth is counted as the highest since April 2002. The report was released by the Office for National Statistics (ONS) of UK. In this lineup, the online trades were at their strongest for five years; it’s also proving that the consumer remained enthusiastic to shop despite the fallout from Brexit. The retail sales were up by 7.4%, well beyond the forecasted mark of 5.3 percent.
According to the official statistics, the rapidity to purchase clothes for winters and jovial Halloween trade for shops and supermarkets helped the UK retail sales shoot at the fastest annual pace in the month of October. Sales climbed up by 1.9%, well forward from the forecasted 0.4% upsurge. Mark Carney, the Governor of the Bank of England (BoE), cautioned this week that greater inflation was “going to come”, as retailers are passing on enhanced prices due to the fall in the value of pound.
This jump in sales is experienced by all kinds of retailers, from the petrol stations to grocers, everyone has received some sort of growth. The largest support came from non-store retailing; it includes mail order and market stalls as well as online retailers such as Amazon etc. The latest statistics also delivered further evidence that UK consumers seem to be shrugging off the Brexit vote in June 2016, even though the choice to leave the European Union has seen the price of the pound weaken extensively. According to the economists, this entire growth would be too tough to sustain. They also said that the entire growth in retail sales was encouraging for the company’s growth forecasts in the final quarter of this year. But economists extended their statement with a warning that, the consumer spending could slow in the year 2017.