UK retail sales rebound in May 2024 with 2.9% increase

UK retail sales volumes experienced a significant rebound in May 2024, rising by 2.9 per cent after a revised 1.8 per cent downturn in April 2024, according to the Office for National Statistics (ONS). Over the year to May 2024, volumes rose by 1.3 per cent, yet remained 0.5 per cent below their pre-COVID-19 pandemic level in February 2020.

Sales volumes increased across most sectors, with clothing retailers rebounding following poor weather in April. Non-food stores, which include department, clothing, household, and other non-food stores, saw a notable rise of 3.5 per cent in May 2024. This marks the largest monthly increase since April 2021 and follows a 3.0 per cent decline in April 2024. Within the non-food category, clothing and footwear retailers exhibited strong monthly growth.

Broadly, overall sales volumes rose by 1.0 per cent in the three months to May 2024 compared to the previous three months. However, they declined by 0.2 per cent when compared with the three months to May 2023, as per ONS.

Non-store retailers, predominantly online retailers, saw a 5.9 per cent increase in sales volumes for the month. This was the largest monthly rise and the highest index level since April 2022. Commodity breakdown data indicated that the surge in May 2024 was driven by strong sales in clothing and other non-food categories.

Online spending values increased by 5.4 per cent during May 2024 and by 4.1 per cent over the year. Specifically, online sales for textile, clothing, and footwear stores rose by 9.8 per cent in May. Total spending, combining in-store and online sales, showed a smaller increase of 3.3 per cent for the month. Consequently, the proportion of sales made online increased from 26.7 per cent in April 2024 (revised from 26.5 per cent) to 27.2 per cent in May 2024.

Fibre2Fashion News Desk (DP)