Retail sales growth in October was below the three-month average of 1.3% and the 12-month average of 1%.
UK retail sales experienced a slight year-on-year (YoY) increase of 0.6% in October 2024, as reported by the British Retail Consortium (BRC).
This was less than the most recent three-month 1.3% average growth and 12-month growth of 1%.
During the four weeks from 29 September to 27 October 2024, food sales in the UK showed a positive trend with a 2.9% YoY rise over the three months to October, although this was lower than the previous year’s growth of 7.9% in the same period.
Non-food sales witnessed a minor decline of 0.1% YoY over the same period.
Physical store non-food sales decreased by 1.2% YoY during these months – a slower decline compared to the 12-month average decrease of 2%.
In contrast, online non-food sales saw an uptick of 0.4% YoY in October.
The online penetration rate for non-food items increased slightly to 36.9% during the month from 36.2% in October 2023.
This rate stood just below the 12-month average of 36.4%.
BRC chief executive Helen Dickinson OBE said: “After a good start to autumn, October’s sales growth was disappointing. This was partly driven by half-term falling a week later this year, depressing the October figures, and November sales will likely see more of a boost.
“Uncertainty during the run-up to the [October 2024] budget, coupled with rising energy bills, also spooked some consumers. Fashion sales took the biggest hit as the mild weather delayed winter purchases. Health and beauty sales remained buoyant, with beauty advent calendars flying off the shelves.”
Looking ahead, Dickinson expressed concerns about the impact of new costs on retailers following the recent Budget announcement.
Dickinson added: “Retailers must now grapple with over £5bn of new costs announced by the Chancellor, including in employer national insurance, business rates and the uplift in the National Living Wage. Managing this will hold back investment and growth in the short term, while further squeezing already-low margins and risking inflation.”
In October 2024, data from the CBI Distributive Trades Survey showed that retail sales volumes in the UK experienced a 6% decline in October 2024, following 4% growth in September.
Source from Retail Insight Network
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