UK's retail sales dip slightly in September 2023

Highlighting a broader picture, when compared to pre-pandemic levels of February 2020, retail sales showed a considerable increase of 17.1 per cent in terms of value. However, in volume terms, they were still 2.5 per cent below the pre-COVID-19 benchmark.

Analysing the trends in the third quarter of 2023, retail sales volumes dropped by 0.8 per cent compared to the previous three months. Breaking it down by sectors, non-food store sales volumes reported a 1.9 per cent decline in September, attributing it to the persisting cost of living pressures, as per ONS.

Clothing retailers felt the pinch of the season with a 1.6 per cent fall in sales volumes, as the unseasonably warm weather of September affected the demand for autumn-wear. Department stores echoed a similar sentiment, registering a 1.6 per cent drop in sales volumes, with many pointing out that the balmy temperatures hampered new season clothing sales.

Non-store retailing, primarily online retailers, witnessed a decline of 2.2 per cent in sales volumes in September, which was on the back of a 0.9 per cent decrease in August. However, the online sales volumes were still 15.2 per cent above their pre-coronavirus level from February 2020.

Online spending values decreased by 1.3 per cent between August and September 2023, primarily driven by non-store retailing and sectors such as other non-food stores, and textile, clothing, and footwear stores. Consequently, the proportion of online sales slid from 27 per cent in August to 26.7 per cent in September. Notably, despite this decline, online sales still surpassed the pre-pandemic levels, which were at 19.7 per cent in February 2020.

Fibre2Fashion News Desk (DP)