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UK retailers buoyed by best trading conditions in a decade UK retailers buoyed by best trading conditions in a decade
(about 2 hours later)
Britain's retailers are enjoying their best trading conditions for a decade after low interest rates, rising confidence, a booming housing market and a late Easter boosted spending in the shops and online last month.Britain's retailers are enjoying their best trading conditions for a decade after low interest rates, rising confidence, a booming housing market and a late Easter boosted spending in the shops and online last month.
Figures from the Office for National Statistics showed that the volume of sales was 1.3% higher in April than in March and 6.9% up on April 2013.Figures from the Office for National Statistics showed that the volume of sales was 1.3% higher in April than in March and 6.9% up on April 2013.
Sales in the latest quarter – considered a better guide to the underlying trend than one month's figures – were 1.8% up on the previous three months. Both the annual and the quarterly increases were the highest since the spring of 2004.Sales in the latest quarter – considered a better guide to the underlying trend than one month's figures – were 1.8% up on the previous three months. Both the annual and the quarterly increases were the highest since the spring of 2004.
The ONS said there had been an across-the-board increase in sales last month, with food stores posting their strongest annual growth rates in 12 years. Supermarket price wars are believed to have been a factor in the 6.3% rise in sales in the year to April. The ONS said there had been an across-the-board increase in sales last month, with food stores showing their strongest annual growth rates in 12 years. Supermarket price wars are believed to have been a factor in the 6.3% rise in sales in the year to April.
After a weak March, spending online bounced back in April, the ONS, said, rising by 2.6% on the month to a level 13.3% higher than in April 2013.After a weak March, spending online bounced back in April, the ONS, said, rising by 2.6% on the month to a level 13.3% higher than in April 2013.
The boost in consumer spending came despite a continued squeeze on real incomes caused by wages struggling to keep pace with prices. Howard Archer, UK economist with IHS Global Insight, said: "Retail sales were mightily impressive in April, even allowing for a major boost coming from the later Easter this year. This bodes very well for GDP growth in the second quarter."The boost in consumer spending came despite a continued squeeze on real incomes caused by wages struggling to keep pace with prices. Howard Archer, UK economist with IHS Global Insight, said: "Retail sales were mightily impressive in April, even allowing for a major boost coming from the later Easter this year. This bodes very well for GDP growth in the second quarter."
Archer said he expected earnings to start to outstrip prices over the next few months. "The strong housing market is also supportive to retail sales," he added.Archer said he expected earnings to start to outstrip prices over the next few months. "The strong housing market is also supportive to retail sales," he added.
Jeremy Cook, chief economist at the currency company, World First, said: "Q2 GDP has definitely started strongly and could easily breach the 1.0% level for the quarter for the first time since Q2 2010. Jeremy Cook, chief economist at the currency company, World First, said: "Q2 GDP has definitely started strongly and could easily breach the 1.0% level for the quarter for the first time since Q2 2010."