Rolling coverage of the latest economic and financial news, including the latest retail sales and public finances data
Could the jump in clothes shopping last month have anything to do with Taylor Swift’s Eras Tour, which began this month and runs until August?
Kathleen Brooks, research director at XTB, suspects Swifties have been snapping up new outfits ready for the concerts.
UK retail sales surged last month, and core retail sales that exclude auto fuel rose at a 1.2% annualized pace in May, after falling by 2.5% in April. The ONS said that sales rebounded after a wet April, and sales volumes grew across most sectors, with clothing and furniture sales rebounding strongly.
Could this be the Taylor Swift effect, with people (including myself) splurging on new outfits ahead of her era’s tour, the UK leg of which is set to add £1 billion to the UK economy?
Non -food store sales rose by 3.5% in May, the highest level since April 2021, and online sales surged by 5.9%, the highest monthly increase since April 2022.
The ONS did caveat the boost to sales compared to a year ago, by reminding us that last May there was an extra bank holiday for the King’s Coronation. However, after a slump at the end of spring, the consumer looks to be back as the UK finally moves towards summer.
Continue reading…Rolling coverage of the latest economic and financial news, including the latest retail sales and public finances dataCould the jump in clothes shopping last month have anything to do with Taylor Swift’s Eras Tour, which began this month and runs until August?Kathleen Brooks, research director at XTB, suspects Swifties have been snapping up new outfits ready for the concerts.UK retail sales surged last month, and core retail sales that exclude auto fuel rose at a 1.2% annualized pace in May, after falling by 2.5% in April. The ONS said that sales rebounded after a wet April, and sales volumes grew across most sectors, with clothing and furniture sales rebounding strongly.Could this be the Taylor Swift effect, with people (including myself) splurging on new outfits ahead of her era’s tour, the UK leg of which is set to add £1 billion to the UK economy?Non -food store sales rose by 3.5% in May, the highest level since April 2021, and online sales surged by 5.9%, the highest monthly increase since April 2022.The ONS did caveat the boost to sales compared to a year ago, by reminding us that last May there was an extra bank holiday for the King’s Coronation. However, after a slump at the end of spring, the consumer looks to be back as the UK finally moves towards summer. Continue reading…
