Commenting on today’s ONS retail sales figures, Yael Selfin, Chief Economist at KPMG UK, said:

“The latest figures show that consumers’ mood remained subdued in August, as households felt the squeeze from rising costs with little compensation in pay, putting significant pressure on their spending power.

It is also possible that uncertainties around the Brexit process have contributed to the decision of some to moderate spending compared to earlier years.

“However, the continued rise in retail sales, particularly in the non-food sector despite these headwinds, points to a relatively resilient consumer at this stage. This could support a slight pick-up in consumer spending in the third quarter following the disappointing Q2 results.”

 

-ENDS-

 

For media enquiries, please contact:

Gill Carson, Senior PR Manager, Corporate Communications        
T: 020 3078 4189                                                                            
M: 07768 63584                                                                                
E: gill.carson@kpmg.co.uk

KPMG Press Office
T: +44 (0) 207 694 8773

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.