Retail has bounced back

Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.

Retail’s back to normal

Shops continued to bounce back in June, with a 13.9% boost in sales which overall takes retail back to pre-lockdown levels. However, it’s a very different picture to before: we’re buying more food but fewer clothes. We’re also neglecting the high street in favour of online shopping; £3 in every £10 of retail sales is now spent online.

But it might not last

Consumer confidence is wavering in July, despite rising throughout May and June, according to the GfK barometer. It suggests the bounce in retail sales may not be sustainable. Why the lower confidence? People are concerned about being made redundant when the furlough scheme ends, and many are also worried about the health risks of high street shopping.

Adviser comment: "Many people are concerned about whether their income is protected if they get ill and/or can't work. Consider taking out an Accident, Sickness or Unemployment policy for short term illness, and check your plan for any recommendations for longer term sickness cover."

Face masks now mandatory

In a change that might help shoppers feel safer, from today it’s compulsory to wear a face mask in all enclosed public spaces including shops and banks. Anyone who’s caught without one can be fined £100. Tesco’s selling masks at the entrance, and Waitrose has signs up to remind shoppers of the new rule.

But who’s checking?

The masks measure may prove tricky to enforce. Some shops, including Asda and Sainsbury’s, have said they won’t challenge customers for not wearing masks, and say it’s the job of the police. The police have said enforcing the measure will be “impossible” as they don’t have enough officers.