Retail sales in UK rise 3.9 percent last month, biggest increase since 2022
Date
10/20/2024 2:18:12 AM
(MENAFN) Retail sales in the UK experienced a notable increase of 3.9 percent in September 2024, representing the largest annual growth since February 2022, as reported by the Office for National Statistics (ONS) on Friday. This surge indicates a positive trend in consumer spending, suggesting that the retail sector is rebounding from the economic challenges faced over the past few years.
On a month-to-month basis, retail sales rose by 0.3 percent in September, following a more substantial increase of 1 percent in August. While these figures illustrate a recovery, it’s important to note that retail sales volumes remain slightly below pre-pandemic levels, with a decline of 0.2 percent compared to February 2020. This indicates that while progress is being made, the sector has not yet fully returned to its previous highs.
The ONS highlighted that specific categories within the retail landscape performed particularly well, with strong growth seen among retailers of computers and telecommunications. This sector's robust performance reflects changing consumer behaviors and increased demand for technology products. However, this growth was somewhat tempered by declines in supermarket sales, which have faced headwinds due to various factors, including changing shopping habits and competition from online retailers.
In addition, sales volumes in non-food stores—including department stores, clothing outlets, and household goods—rose by 2.5 percent in September, building on a 0.6 percent increase recorded in August. This growth within the non-food segment underscores a shift in consumer spending patterns, with more people venturing back into physical stores to shop for items beyond groceries. Overall, the latest retail sales figures suggest a cautiously optimistic outlook for the UK retail sector as it continues to navigate the complexities of post-pandemic recovery.
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