Retail sales down record 22% in first quarter

RETAIL sales plunged by the most on record in the first three months of the year as shoppers cut back on spending.

The volume of retail sales dropped by 22% compared to the same period last year, driven by a large drop in car sales. This was the largest drop since records began in 1974.

If cars sales are excluded, overall retail sales fell 2.2% in March from February and were down 8.2% from a year earlier.