LONDON (Reuters) – British retail sales growth slowed more than expected this month as consumers retrenched after a summer shopping spree driven by warm weather and the soccer World Cup, an industry survey showed on Tuesday.
The Confederation of British Industry’s monthly retail sales gauge fell to +5 in October from September’s +23, its weakest level since April. A Reuters poll of economists had pointed to a much smaller decline to +20.
“Retail sales have begun to cool, as the boost from the summer heatwave and World Cup celebrations fades away,” CBI economist Alpesh Paleja said.
“The double whammy of the sluggish recovery in household incomes and digital disruption is making trading conditions tough, and prompting a deeper structural shift in business models.”
(Reporting by Andy Bruce, editing by David Milliken)