Consumers feeling the pinch | KPMG | UK

Consumers feeling the pinch - KPMG comments on ONS retail sales figures

Consumers feeling the pinch

Commenting on today’s ONS retail sales figures, Yael Selfin, Chief Economist at KPMG UK, said:

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Commenting on today’s ONS retail sales figures, Yael Selfin, Chief Economist at KPMG UK, said:

“The relatively weak retail sales figures out today point to a continuing trend of subdued growth, as consumers feel the pinch following the rise in inflation costs. With wages failing to catch up to the rise in living costs and while uncertainty around Brexit remains, households are likely to stay more cautious.

“July’s retail sales figures reveal slightly weaker consumer spending growth in Q3 than earlier this year but as inflationary pressures subside and wages gradually pick up, consumer spending could accelerate later next year.”

-ENDS-

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