Deloitte comments on today’s ONS retail sales figures
22 October 2015
Commenting on today’s ONS retail sales figures, Ben Perkins, head of consumer business research at Deloitte, said:
“With the addition of the late August bank holiday weekend, it is no wonder that September has seen bumper retail sales numbers. Retail sales volumes are up 6.5% from the same period last year, with a growth of 1.9% month-on-month beating expectations. There was also a strong performance online with September seeing the fastest annual rate of growth since January.
“An increase in spending on groceries brings some relief for food retailers, however, the sales volume data shows that there is still significant deflation in the market due to price competition driven by continued pressure from the discounters.
“Today’s figures further support our view that consumer confidence is growing. Customers are spending more and saving less on account of high wages and improved job security, leading to an increase in sales year-on-year of 2.7%. Retailers should benefit from the convergence of these factors. The fundamentals are in now place for the UK retail sector to execute their marketing strategies and capitalise on consumers’ increased spending power. The ‘back-to-school boom’ may well continue through to the festive months.
“September’s increase in the value of online sales (+15.2%) is poignant, particularly as we are now just over a month away from what is likely to be another record-breaking Black Friday. The sector will look to maximise opportunities as we enter a critical quarter in the retail calendar.”
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