Responding to the latest ONS Retail Sales Index
figures, which showed sales
up 1.8% by value, and up 2.0% by volume, Kris Hamer, Director of
Insight at the British Retail Consortium, said:
“While October produced a positive start to the ‘golden quarter',
with year-on-year growth for the fourth month in a row, there was
a monthly decline due to pre-Budget jitters from households.
Fashion took the brunt of this hit, especially as the milder
weather last month put off winter purchases. Meanwhile,
electricals performed well as people continued to upgrade their
tech with the latest models. Health and beauty had yet another
strong month of sales growth, especially with the popularity of
beauty advent calendars which went on sale.
“This additional revenue is essential as retailers face over £7bn
of additional costs in 2025 alone, as changes to Employers'
National Insurance contributions, the increase in minimum wage,
and new packaging taxes come into effect. These changes will pile
pressure onto an industry that already pays far more than its
fair share in business taxes, and will make job losses and store
closures inevitable. To avoid a cliff edge of costs in April
2025, Government must reconsider the existing timelines for the
new packaging levy, while ensuring any changes to business rates
offer a meaningful reduction for all retailers as early as
possible.”
-ENDS-
According to the ONS, on a
Year-on-year seasonally adjusted basis:
- Sales by Value (amount spent) increased 1.8% YoY
- Sales by Volume (quantity bought) increased 2.0%
YoY
