Poor retail sales but budget fears end
November 5, 2024
October high street sales were down for non-food products but analysts expect a post–Budget pick-up in November.
After a stronger start to the Autumn, figures from the latest BRC-KPMG Retail Sales Monitor show UK non-food retail sales down 1% compared to this time last year.
But KPMG retail analyst Linda Ellet held out hope for the "golden quarter": "Speculation about the impact of the Budget, a holding back of demand until Black Friday promotions, and a later half term break all impacted retail sales data over the last month.
“With clarity now provided by the Budget and many households escaping paying increased tax from their wages, retailers will be hoping for an upturn in consumer confidence and spending. Any positivity from retailers though will of course be dampened given the increased employment costs that they face," she said.
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BUSINESS NEWS
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Consumer card spending grew 1.0% year-on-year in February – lower than January’s 1.9% increase and less than the latest CPIH inflation rate of 3.9%, according to recent figures reported by Barclays. In anticipation of higher bills, consumers are said to be cutting back on essential outgoings, but still prioritising discretionary purchases, contributing to an uptick in optimism in the health of personal and household finances.
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