Consumer Behavior

UK retail sales dip in February

Photo by istock.com

March 30, 2022

Retail sales in the U.K. dropped 0.3% in February after a healthier 1.9% jump in January.

Bad weather, higher cost of living and increased dining out may all be factors, according to a report at The Guardian.

Industry watchers had projected a 0.6% increase for last month.

The news comes as consumers are actually spending more money but not spending it on goods as online retail sales dipped 4.8% in February after consecutive increases the two months prior, according to the news report.

"After a buoyant January, retail sales fell back a little last month. There was a notable decline for companies that predominantly trade online, following a strong performance over the festive and new year period," Heather Bovill, the deputy director for surveys and economic indicators at the Office for National Statistics, told the news outlet. "Food sales dipped with significant falls for alcohol and tobacco stores as more consumers went out to pubs and restaurants. More socializing as well as many of us returning to the workplace meant a good month for clothing and department stores, with people looking to expand their wardrobes."