Responding to the latest ONS Retail Sales Index
figures, Helen Dickinson, Chief Executive of the British
Retail Consortium, said:
“Sales growth failed to keep pace with inflation as sales volumes
dropped for the eighth month in a row. Black Friday provided a
small boost to retailers, but there are signs that many consumers
are holding off Christmas spending until the last moment.
Retailers may be slightly reassured by the marginal improvement
in consumer confidence, but it remains well below levels seen
even at the height of the pandemic due to the ongoing cost of
living squeeze. There was stronger growth for furniture, floors
and textiles, as households chose to concentrate on improving the
home ahead of Christmas. But, many retailers will be holding
their breath as they look to the hugely important December sales
period.
“Given the pressure currently bearing down on the retail industry
from higher energy and input costs, it is vital Government
provides support for retailers as it puts in place future
arrangements for the EBRS from April 2023. Without clear targeted
support, retailers will see their costs – and potentially prices
– climb even higher.”
-ENDS-
According to the ONS, on a
Year-on-year seasonally adjusted basis:
-
Sales by Value (amount spent) increased
3.6% YoY (this growth is primarily due to rising prices)
-
Sales by Volume (quantity bought) fell
5.9% YoY
GfK Consumer Confidence
improved slightly from -44 to -42
