UK retail sales grew by an annual 4.0% in February, which is only a slight decrease from January’s 2 year high of 4.1%.
With Brexit on the horizon and the threat of an economic collapse within the UK, why are British shoppers still spending so much? Well, with a drop in spending at supermarkets, the mild weather last month sparked an increase in sales at garden centres and in sporting equipment.
Though it may seem like people aren’t thinking about post Brexit prices, it could be the exact opposite that has caused this increase in retail sales. It is possible that many people are buying as much as they can before the prices inevitably increase post Brexit.
Quote from Nigel Holland:
“It seems the UK public have decided to prepare for Brexit in a way that may come as a shock to most people, spending as much as they can. As there is still uncertainty over what will happen to the British economy after Brexit, it makes sense for people to buy what they want now because they may not be able to after we leave the EU.”
