Retail sales in the UK for August fell short of the 1.2% 12-month average growth.
Retail sales in the UK increased by 1% year on year (YoY) in August 2024, a slowdown compared to the 4.1% growth seen in August 2023, as reported by the British Retail Consortium (BRC) and KPMG Retail Sales Monitor.
This figure was higher than the three-month average growth of 0.4% but lower than the 12-month average growth rate of 1.2%.
Over the three months to August 2024, food sales rose 2.9% YoY, against a 8.2% growth in August 2023 and below the 12-month average growth of 5%.
During the three months, non-food sales in the UK declined 1.7% YoY, against a decline of 0.2% in August 2023.
In-store non-food sales also dropped by 2.8% YoY in the three months to August, compared to a 1.3% increase in August 2023.
The decline was below the 12-month average decline of 2.1%.
Online non-food sales increased by 1.5% YoY, which compares to an average decline of 1.7% in August 2023.
The online penetration rate in the UK – the proportion of non-food items purchased online – was up 34.7% in August from 34.1% in August 2023.
British Retail Consortium chief executive Helen Dickinson said: “Sales growth picked up in August, particularly for food as people came together to host barbecue and picnic gatherings for family and friends, and for summer clothing, health and beauty products as people prepared for trips away and summer social events.
“While computing did well as university students made the most of summer discounting and readied themselves for the new academic year, other back-to-school related sales were weaker than normal as some families opted for second-hand purchases.
“Following a difficult summer for much of retail, and the possible weakening of consumer spending as energy bills rise come October, many will be waiting for the Chancellor’s Autumn Budget before finalising their investment strategies.
“Labour’s first budget is a golden opportunity to make good on their manifesto commitment and fix the broken business rates system which is holding back investment in people, places and technology, and limiting growth. Decisive action will benefit working people across the country.”
Source from Retail Insight Network
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