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Including Clothing, Retail Sales Growth in July in Scotland Outperforms the Rest of UK
Wednesday 20th of August 2008 05:03:34 PM
The news reports pouring in each day are clear that consumer spending for non-food items has been declining each month in the UK. Housing sales are down and inflation is up. But the clothing industry has been reporting mixed numbers. Clothing sales makes up a significant portion of the total retail sales and the level of spending is a strong indicator of how consumers are handling the economic upturns and downturns. When the economy is strong, sales of fashionable clothing such as embroidered shirts and promotional clothing increase. When the economy is doing poorly, consumers normally reduce their clothing and house wares budgets.Surprisingly, the annual growth of retail sales in Scotland was much stronger then they were in the UK for the month of July. The report by the Scottish Retail Consortium reported a 6.2% retail sales increase for July 2008 when compared to July 2007. In the UK the retail sales increase was 1.7% making Scottish sales look particularly robust.
The Consortium numbers also reports a like-for-like sales comparison which shows how well retailers are doing. The like-for-like sales figures show that Scottish consumers are beginning to reduce their spending levels on non-food items. The like-for-like year-to-date 2008 sales are .5% higher than the same period in 2007 showing retail sales are falling. In the UK the same number is .9% lower compared to last year.
The director of the Scottish Retail Consortium said, "Despite retailers offering some of the strongest discounts and promotions in recent history, customers are confining spending to essentials with clothing, homewares, and DIY (do-it-yourself) retailers the worst hit." The report noted that the like-for-like clothing sales figures for Scotland have been lower each of the previous 14 months compared to the same months in the prior year. The Consortium will be closely monitoring consumer spending patterns looking for signs of continued retail sales slippage.
(c) Thomas Warm,www.sxc.hu
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