Paddy Power owner soars as US revenues surge – .

Paddy Power owner soars as US revenues surge – .

Hthere is more of my colleague Louis Ashworth on the decline in retail sales:
A post-lockdown buying boom began to falter in July, with appalling weather conditions later in the month blamed for dampening retail spending.

Total sales increased 6.4% on the month compared to July 2020 according to the British Retail Consortium and KPMG, marking a slowdown from 10.4% in June year-on-year despite the continued reopening.

Helen Dickinson, CEO of BRC, said: “July continued to see strong sales, although growth has started to slow. The lifting of restrictions did not provide the boost in-store expected, as wet weather left shoppers reluctant to visit shopping destinations. “

Paul Martin, head of retail at KPMG, warned that the waning momentum could turn into lower purchasing spending in the coming months.

“Pressure on staff, rising costs of raw materials and components, rising inflation eroding household purchasing power and slowing consumer confidence could lead to slower growth in the economy. retail sector heading into fall, ”he said.

It came as data from Barclaycard showed entertainment spending increased for the first time since the start of the pandemic, with easing restrictions and the allure of a ‘summer of sport’ pushing Britons to theaters, cinemas and beer gardens.

Fuel spending is at its highest level since the start of Covid-19 in the UK, driven by an increase in stays and leisure travel, the reopening of offices and higher prices at the pump.

Pubs, bars and clubs had a good month, with spending in these places increasing by almost a third.

Raheel Ahmed, Head of Consumer Products at Barclaycard, said: “While some sectors took a small step back as the ‘honeymoon’ period after the lockdown cooled, July was an overall positive month. However, with inflation expected to rise, it will be interesting to see how this affects consumer spending behavior over the coming months. “

The latest cash tracking data from the post office showed further signs that different types of activity resumed in early summer.

The British made a record £ 665million in cash withdrawals in July, the highest in a month outside of the traditional peak in December.


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