"October was a subdued month, with the weakest growth since May. Many delayed spending, waiting for Black Friday deals and cooler temperatures before buying toys, electronics and clothing. Furniture and other homeware fared better as people began preparing their homes ahead of family festive gatherings. Food sales also saw good growth, but this was mostly driven by higher prices rather than higher volumes."
"Retailers are counting on Black Friday to deliver a vital boost, but looming Budget decisions risk undermining fragile consumer confidence. With demand weak and business rates unresolved, retailers face hard choices on investment and recruitment. A business rates surtax on retail would put major stores and thousands of jobs at risk. The Chancellor should use the Budget to remove this threat and help curb inflation for businesses and families."
Total retail sales increased 1.6% year-on-year in October, below the 12-month average growth of 2.1%. Food sales rose 3.5% year-on-year, matching the 12-month average, with growth driven mainly by higher prices rather than volumes. Non-food sales grew 0.1% year-on-year, underperforming the 12-month average of 1.0%. In-store non-food rose 0.1% while online non-food was flat at 0.0%, both below their respective 12-month averages. Online penetration of non-food reached 37.9%, above the 12-month average of 37.1%. Retailers expected Black Friday to boost sales, while unresolved business rates and looming Budget decisions threatened consumer confidence, investment, and jobs.
Read at London Business News | Londonlovesbusiness.com
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