LONDON - British consumers reined in their spending in February ahead of Brexit as shoppers focussed on buying food, including for stock-piling, rather than non-essential items, data released on Tuesday showed.
The British Retail Consortium said total sales edged up by an annual 0.5 percent, a sharp slowdown from growth of 2.2 percent in January. Employee-owned John Lewis is the only major British retailer to update on weekly sales, providing the most up to date snapshot of its customer behaviour. Sales at its department stores fell 3.9 percent in the four weeks to Feb. 23.
On a like-for-like basis, excluding changes in the amount of store space from one year to the next, sales were down 0.1 percent, the BRC said.Barclaycard said 18 percent of respondents in a poll it conducted had begun stockpiling food and essential household supplies in case of shortages after Brexit.
No we aren’t. When everything else goes up by the rate of inflation but your wages don’t, there’s less money to spend. It’s not rocket science. Stockpiling 🙈😂
Won't stockpiling now only hurt the economy later?
With their inept handling British govt has made a bad situation (BREXIT) worse
I suspect those alive during the great depression will be leading the charge, where there is uncertainty it's wise to stockpile the necessity of/to life, there is a egyptian proverb that reads translated 'food first, prosperity will follow'
GDP and spending of most European countries are at a crawl. I’m not sure UK not spending right now has much to do with BREXIT.
Will you shop in the UK to show your support of Brexit?
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