UK Q2 Retail Sales Up 28%... Largest Increase in 26 Years
[Asia Economy Reporter Yujin Cho] Retail sales in the UK surged by 28.4% in the second quarter of this year compared to the same period last year, marking the highest growth rate since related records began in 1995.
On the 12th (local time), the Retail Consortium of Britain (RBC) stated, "The gradual lifting of lockdown measures taken during the COVID-19 pandemic stimulated pent-up demand," explaining this increase.
Compared to two years ago, before the COVID-19 outbreak, retail sales in the second quarter increased by 10.4%.
The BRC explained that the UK’s advancement to the finals of the UEFA European Football Championship (Euro 2020) acted as a positive factor, boosting consumption of TVs, snacks, and beer.
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The increase in retail sales was also confirmed through card payment amounts. Barclaycard, a subsidiary of Barclays Bank, reported that card payments in June rose by 11.1% compared to the same period in 2019.
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