Retailers in the U.K. saw sales increase by the most in five years to open the second quarter on warm weather and the Royal Wedding, according to Bloomberg. On Tuesday, the British Retail Consortium said retail sales increased by 5.2% in April from the previous year on a like-for-like basis, marking a dramatic turnaround from the 3.5% drop posted during March. The BRC said the two monthly figures suggest that growth was roughly flat over the last two reporting periods.
BRC director Stephen Robertson said, Easter and the Royal Wedding bank holiday provided a badly needed boost to many retailers, but warned The underlying pressures on the retail sector of climbing costs and depressed consumer spending will be problems for many months to come. The group pointed to rising inflation and government austerity measures as being key reasons for the increased pressure on consumer spending.