Retailers are ramping up promotions on goods in a bid to entice shoppers after July’s wet weather hit business.
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Definitely happens at some places, but not all, others put last year’s unsold stock on sale. Clears out stock rooms and warehouses for new stock. This is definitely true of one high street retail chain who went on sale today.
This is the best summary I could come up with:
Retailers are ramping up promotions on goods in a bid to entice shoppers after July’s wet weather hit business.
According to the British Retail Consortium and KPMG, spending in July was dented by the damp weather, which “did no favours” to sales of clothing, and other seasonal goods.
The value of retail sales was 1.5% higher in July compared to a year ago, but volumes were lower once inflation, which is currently 7.9%, was taken into account.
Inflation - the rate at which prices rise - fell to 7.9% in June, which is its lowest level in more than a year but still high by historical standards.
Last week, the Bank of England put up interest rates for the 14th time in a row in a bid to make borrowing more expensive, dampen demand and therefore slow price rises.
Economist Michael Hewson from CMC Markets said the slowdown in the pace of consumer spending was “not surprising”, considering interest rate rises.
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