Consumers Less Keen on Spending, Telegraph Reports

Families are tightening their belts, the Telegraph found, as retail sales dropped 0.8 percent between January and February.

The plunge came in spite of “heavy discounting among retailers,” a trend that suggests families are disinclined to spend, regardless of price.

Clothing and households goods were hit hardest, with a 1.2 percent drop in clothing and footwear sales and a 1.5 percent month-on-month drop among all non-food stores.

Food stores faced a 0.1 percent decrease in sales.

UK Economist Samuel Tombs said: “February’s UK retail sales figures leave the recovery on the High Street looking a bit more fragile than it previously seemed…. So, with yesterday’s Budget doing little to ease the burden of the next round of austerity measures due to hit households in April, the high street recovery looks set to be short-lived again.”

Fine art dealers, antique retailers and other specialised stores saw especially sharp declines.

The Telegraph is one of the top three British news sites. Read the original article here.

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Jennifer Gueringer is a Social Media Associate at Enova International, Inc., and is interested in finding new and creative ways to be financially savvy. Find out more about her on Google+.

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