Warm weather boosts retail sales in May
By Michele Maatouk
Date: Friday 23 Jun 2023
(Sharecast News) - UK retail sales unexpectedly rose in May, helped along by warmer weather, according to figures released on Friday by the Office for National Statistics.
Retail sales were up 0.3% following a 0.5% increase in April, and versus expectations of a 0.2% decline.
Non-store retailing sales volumes rose by 2.7%, mainly thanks to strong sales by online retailers selling outdoor goods and summer clothing. This was boosted by the warm weather in the second half of the month.
The figures also showed that food stores sales fell by 0.5% in May. The ONS said there was some anecdotal evidence of increased spending on takeaways and fast food due to the extra bank holiday, but retailers also indicated that increased cost of living and food prices were still affecting volumes.
Ruth Gregory, deputy chief UK economist at Capital Economics, said: "The further rebound in retail sales volumes in May suggests the recent resilience in economic activity hasn't yet faded. But we think it's too soon to conclude the rebound in retail sales will be sustained and the economy will avoid a recession."
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