Responding to the latest ONS Retail Sales Index
figures, which showed sales up 3.1% by value, and down 0.5%
by volume, Kris Hamer, Director of Insight at the British Retail
Consortium, said:
“February sales were hit by the wettest February on record, which
dampened demand and depressed footfall. This was felt most in the
more high-ticket categories such as furniture and electricals.
Meanwhile, cosmetics and toiletries continued to sell well as
popular brands go from strength to strength. Retailers are
hopeful that with warmer weather and potential interest rate cuts
around the corner, consumer confidence will soon spring back.”
“A strong retail industry is essential for boosting investment in
town and city centres nationwide. The next Government must
address the high and rising cost burdens that retailers face, now
and in the future; these include April’s 6.7% business rates
rise, ill-thought-out recycling proposals, and new border control
costs – all in the context of the largest rise to National Living
Wage on record. Without action, these costs continue to hold back
investment in shops, in more jobs and lower prices across the
country - meaning it is the consumers who ultimately pay the
price."
-ENDS-
According to the ONS, on a
Year-on-year seasonally adjusted
basis:
-
Sales by Value (amount spent) increased
3.1% YoY
-
Sales by Volume (quantity bought)
decreased 0.5% YoY
