Britain’s retailers have warned that Brexit uncertainty is holding customers back from creating higher purchases, after an unsatisfactory month for sales in March.
The accountancy firm KPMG and the BRC (British Retail Consortium) stated sales growth fell to near about 0.5% in the March 2019, down from annual growth of around 2.3% the previous year, as customers held back from expenditure on big-ticket items.
The British Retail Consortium stated that the timing of Easter, on April 21st this year after dropping on April 1st in 2018, was expected to have partial sales numbers, as a number of shops were yet to experience a rush in sales over the coming holiday period.
Though, average numbers spread since the past two years states that the sales growth glided to around 0.9% in March 2019, as compared with around 1.1% in February, proposing families reined in their expenditure last month.
Beast from the east storm
Freezing weather in March 2018 produced by the “beast from the east” storm. It also dispirited consumers from beating the high street, where the temperature in 2019 has been milder.
“Retail sales decelerated in March, even after the Easter alterations were accounted for. As higher uncertainty caused consumers to hold off from wading out”, Helen Dickinson, Chief Executive of the BRC, stated in a statement.
“Brexit endures feeding the ambiguity between the consumers. For the sake of everyone, MPs should rally after a plan of action that avoids no agreement – and quickly. Or it will be regular families who suffer as a result of greater prices and fewer choice on the shelves.”
Britain’s retailers have cautioned that no-deal consequences could lead to shortages of goods in the shops and high prices for the household. Trade sales have, though, been stronger in previous months than expected, with the economy.
Discrete sales amount on Tuesday from Barclaycard that processes near about half of debit and credit card transactions in Britain. Recommended that sales grow by near about 3.1% a year in March.
Esme Harwood, Director at Barclaycard reported that the restaurants and pubs benefited as temperatures grew. But counseled that Brexit was harming customer confidence.
The British Retail Consortium
The British Retail Consortium stated that the consumers were warned not to overspend in the month of March. Among the failure to pause the deadlock in Westminster, along with dropping sales of higher-ticket stuff such as furniture.
However, warmer weather alluring customers to the high street profited clothing shops. While beauty shops and jewelry benefited from an increase in expenditure ahead of Mother’s Day. In 2019, the total food sales grew by around 1.3% in the 3 months, lower the 12-month average of 2%.
“The proportion of consumers concerned about the strength of the economy was comparatively unchanged since a year”. Said Susan Barratt, the Chief Executive of Grocery Research Firm IGD.