Cost-of-living crisis has ‘crushed’ consumer confidence and halted retail recovery
Retail sales have been battered as the spiralling cost of living has “crushed consumer confidence” and reversed the green shoots of retail’s post-Covid recovery.
For the month of April, total sales slipped 0.3% year on year compared with a 51.1% increase in April 2021, when ‘non-essential’ retail was allowed to reopen following Covid-19 lockdowns, according to the latest BRC-KPMG Retail Sales Monitor.
Like-for-like sales decreased 1.7% for the period, compared with a 39.6% increase for the same period in 2021. Over the three months to April, food sales decreased 1.8% on a like-for-like basis and 1.3% on a total basis.
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