Food-related sales increase, but overall retail sales drop
- Retail sales dropped by 0.1% in June 2022 despite Platinum Jubilee celebrations
- Sales volumes were 2.2% above pre-coronavirus February 2020 levels
- Non-store retailing sales fell by 3.7%
- Non-food stores, such as clothing and household goods, saw declines of 4.7% and 3.7% respectively
- Food-related sales increased by 3.1% due to Jubilee celebrations
- Supermarkets’ sales volumes rose 3.1%, with specialist food stores up 0.8% and alcohol and tobacco stores up 3.5%
- Online retail sales fell to their lowest level since March 2020
- Retailers attribute declines to rising prices and affordability concerns
Retail sales fell by 0.1% in June 2022 despite the boost from the Queen’s Platinum Jubilee celebrations, according to data from the Office of National Statistics (ONS). Sales volumes were 2.2% above pre-coronavirus levels but down year-over-year. Non-store retailing sales dropped by 3.7%, while non-food stores like clothing and household goods declined by 4.7% and 3.7%. Food-related sales increased by 3.1% due to the celebrations, with supermarkets’ sales volumes rising 3.1% and specialist food stores up 0.8%, along with alcohol and tobacco stores at 3.5%. Online retail sales fell to their lowest level since March 2020. Heather Bovill, ONS Deputy director for Surveys and Economic Indicators, said that after accounting for rising prices, retail sales declined slightly but remain above pre-pandemic levels. Food sales increased due to the Jubilee, while fuel sales dropped significantly due to high pump prices affecting sales.
Factuality Level: 8
Factuality Justification: The article provides accurate information from a reliable source (ONS), presents data in a clear and concise manner, and does not include any misleading or sensationalist elements.
Noise Level: 3
Noise Justification: The article provides relevant information about retail sales figures and offers some analysis on the impact of the Queen’s Platinum Jubilee and inflation on consumer behavior. However, it could benefit from more in-depth analysis or context on broader economic trends and potential long-term consequences.
Financial Relevance: Yes
Financial Markets Impacted: Retail and online retailing companies
Financial Rating Justification: The article discusses changes in retail sales volumes, which can impact the financial performance of these companies and potentially affect stock prices and investor decisions.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the text
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