British shoppers bought 15.9% fewer clothes in August than in February, according to new data published Friday.
Marc Ostwald, chief economist at ADM Investor Services, said that while this suggests a "robust recovery in consumer spending" on the surface, this is "deceptive," and retail job cuts will continue.British shoppers have drastically cut back on clothes purchases since February, making clothing the worst-hit retail sector during the pandemic, according to figures released on Friday by theClothes sales in August were 15.
Marc Ostwald, chief economist at ADM Investor Services, said that this suggests a "robust recovery in consumer spending" on the surface — but the figures are "deceptive," he said. Sales in bricks-and-mortar stores have plummeted, and "considerable further job losses" will follow, he added.
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