High Street suffers worst April in a decade as squeeze on family finances hits sales
The High Street has suffered its worst month in a decade as a squeeze on family finances hits sales.Sales of non-essential goods, which include clothes and homeware, fell 1.6 per cent last month, according to new figures from accountancy and business advisory firm BDO.This marks the eighth month in a row that British shoppers bought less and the worst April in a decade, excluding when shops were shut during the Covid lockdown of 2020.Experts have said consumers are prioritising their spending on essentials as the war in Iran threatens to push up food and energy bills. Motorists have already seen prices at the pump surge since the war broke out at the end of February.The numbers are another bleak insight into the challenges facing the High Street after a slew of retailers have shut shops this year.It comes just days after administrators for accessories chain Claire's confirmed that 154 stores had closed with more than 1,300 job losses. Tough times: The High Street is facing even more pressure as consumers pull back on spendingOther high profile businesses to shutter shops this year include Russell & Bromley, LK Bennett and River Island.These figures are 'particularly concerning' because worrying as April is traditionally a 'positive month for the sector, as new spring and summer ranges arrive in store and consumer demand typically strengthens,' Sophie Michael, head of retail and wholesale at BDO, said.The last time sales were negative in April was in 2016 when the country was hit by inclement snow showers.'There is no sugarcoating the outlook for retail as rising fuel prices continue to have knock‑on effects across household budgets, driving up the cost of essentials such as food, fuel and energy from an already high base, Michael, added.She said: 'As households prioritise day‑to‑day spending, discretionary categories are seeing a sustained pullback and are therefore disproportionately impacted, whether in fashion, homewares or lifestyle.'There is little evidence at present to suggest a meaningful improvement in the near term, and retailers should continue to prepare for a challenging trading environment in the months ahead.'DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you
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High Street suffers worst April in a decade as squeeze on family finances hits sales
