David Jinks M.I.L.T. states, 'The autumn fall in spending this October doesn't bode well for the peak Christmas shopping season now getting underway. Combined High Street and online sales volumes fell by -0.7% last month against September, with clothing and footwear tumbling -3.1%.' The decline hints at a challenging holiday season for retailers.
The ONS attributes the decline to 'uncertainty around the Budget announcement' and acknowledges that low consumer confidence is playing a significant role. Retailers face an uphill battle as they prepare for holiday shopping.
Jinks also mentions, 'Although October's figures are not the start to the peak season retailers had been hoping for, there are some crumbs of comfort. Compared to the same month last year, sales volumes were actually up by 2.4%'.
In light of the sales drop, retailers are extending Black Friday sales, as Jinks notes, 'Stores and online traders are desperately trying to entice consumers into spending their hard-earned cash once again in the run-up to Christmas.'
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