Consumer spending suffers biggest slump in 20 years

Jul 24 2008

A consumer spending slowdown today looked to have returned with a vengeance after official figures showed retail sales last month suffered their biggest slump for more than 20 years.

The Office for National Statistics said the retail sales volumes fell 3.9% between May and June, the largest decrease since records began in January 1986.

It followed a 3.5% sunny-weather inspired sales leap seen the previous month.

Clothing and footwear shops were the worst hit in June, with sales down 6.9%. Food sales also fell 3.6%, the biggest drop since record began.