"February's grey, wet weather hit retail sales hard. Spending was weak across most categories, online and instore, as households pulled back after Christmas and January's rebound. Food sales were flat in real terms as shoppers tightened their belts. Valentine's Day did provide a bright spot, with jewellery, watches and perfume performing better as people still treated loved ones."
"While retailers look to Spring and better weather to lift spirits and revive sales, conflict in the Middle East threatens knocking any recovery off course. Prolonged low consumer confidence adds strain on retailers already facing mounting cost pressures, higher taxes and a growing regulatory burden."
UK total retail sales increased 1.1% year-on-year in February, matching the previous year but falling short of the 12-month average of 2.3%. Food sales performed better at 2.9% growth, though still below the 3.8% average. Non-food sales declined 0.4%, with online non-food sales dropping 1.3% and online penetration falling to 36.1%. In-store non-food sales showed modest growth of 0.2%. Grey, wet weather and post-holiday spending pullback weakened consumer demand across most categories. Valentine's Day provided some relief with jewellery, watches, and perfume performing better. Retailers face ongoing challenges from low consumer confidence, cost pressures, and regulatory burdens.
Read at London Business News | Londonlovesbusiness.com
Unable to calculate read time
Collection
[
|
...
]