Economic Review August 2022
Data released by the Office for
National Statistics (ONS) revealed that
total retail sales volumes rose by 0.3%
in July; this was the first increase in
three months and confounded economists’ expectations of a small monthly
decline. Growth was largely driven by
a surge in online and mail order sales,
which recorded their sharpest rise
since December.
July saw Amazon hold its annual
Prime Day promotion, although ONS
did say that greater spending was seen
across a number of online retailers, with
sales figures boosted by ‘a range of
offers and promotions.’ The British Retail
Consortium also noted that ‘the summer
sunshine’ had provided a boost to the
figures, with sales of ‘summer clothing,
air conditioning appliances and outdoor
foods’ all benefitting from record
temperatures.