Friday, November 22, 2024

Retail sales fell in October as Budget fears hit spending

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Sales volumes were up 0.8% in the August to October period when compared with the previous three months.

“When we look at the wider trend, retail sales are increasing across the three-month and annual periods, although they remain below pre-pandemic levels,” said ONS senior statistician Hannah Finselbach.

She said October’s fall “was driven by a notably poor month for clothing stores, but retailers across the board reported consumers held back on spending ahead of the Budget”.

Sales at clothing stores were down 3.1% in October, with separate surveys having suggested that milder weather last month might have led shoppers to delay buying warmer clothing.

The retail sales figures are the latest in a run of disappointing data on the economy.

Earlier this week, data showed higher-than-expected government borrowing, while the latest inflation figures showed prices rising faster than expected.

And last week, figures indicated that the economy barely grew between July and September.

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