"Sunny weather and an interest rate cut helped August round off a solid summer of sales. Computing performed well as parents readied children for the new academic year, and gaming continued to show strong sales. Furniture also did better for the second month in a row, following several months of falling sales. New school clothing and footwear did not sell as well as expected, as some families opted for second-hand purchases."
"Stronger growth in food and drink was largely down to rising prices, which rose over 4% in August, rather than increasing volumes. Despite a better summer, retailers approach the 'golden quarter' with caution. With the later-than-expected Budget falling just days before Black Friday, many are uneasy about how consumer confidence and spending could be impacted by tax rise speculation in the run-up to Christmas. Government needs to shore up both consumer and business confidence."
Total UK retail sales increased 3.1% year‑on‑year in August, above the 12‑month average growth of 2%. Food sales rose 4.7%, above its 12‑month average, while non‑food sales grew 1.8% with in‑store non‑food up 1.3% and online non‑food up 2.7%. Online penetration of non‑food reached 35.8%, slightly below the 12‑month average. Computing and gaming performed well ahead of the academic year; furniture improved; new school clothing and footwear underperformed as some families chose second‑hand purchases. Food and drink growth largely reflected prices rising over 4% rather than increased volumes. Retailers enter the 'golden quarter' with caution amid Budget timing and tax speculation.
Read at London Business News | Londonlovesbusiness.com
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