record low

Retail Sales Hit Record Low in March

Retail sales fell to a record year–on–year low in March, as high inflation and low wage growth caused a drop in disposable income. Total retail sales for the month were down 1.9 per cent on March 2010 — the worst fall since records began in 1996. British Retail Consortium director general, Stephen Robertson, said that this year’s late Easter this year had only partially contributed to the drop in March sales. “Uncomfortably high inflation and low wage growth have produced the first year–on–year fall in disposable incomes for 30 years.” “Mounting fuel and utility costs, falling house prices, higher VAT and the prospect of more tax rises and job losses left people unwilling to spend unless they really had to.” KPMG‘s head of retail, Helen Dickinson, said consume... »