Deloitte comments on today’s ONS retail sales figures
20 August 2015
Commenting on today’s ONS retail sales figures, Ian Geddes, UK head of retail at Deloitte, said:
“A good performance overall for the retail sector in July, with both month-on-month (0.1%) and year-on-year positive results (+4.2%).
“If we look at the picture by sector the situation is more polarised with non-food categories outperforming food. Despite the food sector showing some growth in volume (+1.3%), value declined by 0.8% due to continued falling food prices.
“Meanwhile with wages increasing, falling fuel prices and with a low interest rate environment, discretionary spending has been boosted by rising real incomes. With more money in their pockets, consumers are choosing to spend their money on big ticket items. This is particularly the case for the furniture and household goods subsectors, with consumers making home improvements during the summer months.
“However, household expenditure on such items could be curtailed in the event of a UK base rate rise in the next 12 months.”
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