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'Queen's Jubilee' Saves British Shops

‘Queen’s Jubilee’ Saves British Shops

‘Queen’s Jubilee’ Saves British Shops

Celebrations boost sales… Citizens get rid of cars

Saturday – 24th Al-Hijjah 1443 Hijri – 23rd July 2022 AD Issue no. [
15943]

Sales were boosted by shoppers looking to celebrate Queen Elizabeth’s Platinum Jubilee (AP).

London: “Middle East”.

Official figures from the United Kingdom showed the decline in retail sales in the country slowed last month as grocery stores rebounded due to strong demand for food and drink from shoppers looking to celebrate Queen Elizabeth’s Platinum Jubilee.
Retail sales fell 1.0 percent in June, the Office for National Statistics said, as a recovery in food trade was offset by another fall in fuel sales. Economists had expected retail sales to fall 2.0 percent at the latest monthly reading.
The British News Agency (PA Media) points out that the slowdown in retail sales follows a larger than previously thought fall in those sales in May, as the Office for National Statistics revised its forecast to a 0.8 percent decline. ., instead of 0.5%.
“After taking into account higher prices, retail sales fell slightly in June, and although they were higher before the pandemic, the general trend is slowing,” said Heather Boville, deputy director of the Office for National Statistics for the economy. Surveys and indicators. He said that despite the decline in retail sales, food sales were boosted by Queen Elizabeth’s Platinum Jubilee celebrations.
Sales at food stores rose 1.3 percent, rebounding after a recent downward trend in the sector, as more people returned to restaurants and bars after restrictions imposed to fight the coronavirus were eased. In recent months, retailers have highlighted lower sales due to increased product costs and pressure on household bills.
According to figures from the Bureau of National Statistics, sales at non-food stores fell 7.0 percent in June, which led to a 7.4 percent decline in clothing store sales, while sales of household goods fell 7.3 percent.
Fuel sales also saw a particularly sharp decline in June, falling 3.4 per cent in response to a rise in petrol prices recorded in the same month. The fall in sales is the biggest since last October when labor shortages and supply restrictions led to a shortage of stores across the UK.
In a related context, “Bloomberg” reported a decline in used car prices in the UK as Britons headed to sell their cars in light of high fuel costs and widespread pressure on household budgets. Figures from the Office for National Statistics showed that inflation in Britain hit a 40-year high in June, driven by higher prices for everything from car fuel to eggs, but used car prices fell by 2.5 per cent for a fifth straight month. This is the biggest consecutive loss recorded by the sector since 2017.
And “Bloomberg” indicates that prices rose significantly in 2020 as consumers tended to use their used cars as an alternative to public transportation during the shutdown. At the same time, semiconductor shortages and supply chain disruptions have led to a shortage of new vehicles, but now that wages are rising at a slower pace than inflation and fuel costs, used cars are a luxury, Bloomberg explains.
“People seem to be looking at the cost of living more… they’re making this emotional decision, do we need a car anymore?” Says Jason Barlow, director of Leonards Motors, which sells more than 4,200 cars a year. 12 locations in England. According to data analytics firm Indicata, used car sales in June fell 13 percent from a year earlier.
Not only are Britons stopping buying cars, some are selling cars and switching back to public transport, while others are abandoning petrol or diesel cars in favor of electric cars, Indikata notes.
Barlow says that used-car buyers prefer lower-priced models, whose demand is relatively elastic.

United Kingdom

Britain’s economy

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