Yael Selfin, Chief Economist at KPMG UK, comments on the latest ONS retail sales figures.
Commenting on today’s ONS retail sales figures, Yael Selfin, Chief Economist at KPMG UK, said:
“The latest figures show that consumers’ mood remained subdued in August, as households felt the squeeze from rising costs with little compensation in pay, putting significant pressure on their spending power.
It is also possible that uncertainties around the Brexit process have contributed to the decision of some to moderate spending compared to earlier years.
“However, the continued rise in retail sales, particularly in the non-food sector despite these headwinds, points to a relatively resilient consumer at this stage. This could support a slight pick-up in consumer spending in the third quarter following the disappointing Q2 results.”
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