UK retail sales volumes fall 0.1% QoQ, 0.2% YoY in Q2 2024: Deloitte

April’s retail sales fell by 1.5 per cent and were more disappointing than expected, with Easter falling in March this year and the unseasonably wet weather deterring shoppers from the high street.

However, retail sales value and volume rebounded in May by 2.9 per cent.

Seasonal and weather-dependent items like clothing and outdoor-related products continue to be the worst affected, and a traditionally unpredictable British summertime combined with high interest rates have continued to disrupt sales in these categories.

Falling inflation has given consumers more freedom to shop a wider range of products and across different formats without worrying about price and affordability as much as during the recent period of inflation, Deloitte said in a release.

The new government will face calls from the retail industry to offer more support to businesses, employees and consumers, Deloitte noted.

A proactive approach to supporting the retail sector, one of the country’s largest employers, is important given that the sector remains a vital component of the UK economy.

Based on their election manifesto, a new Labour government will likely result in a number of policy changes that will directly affect the retail sector. Retail workers will also likely benefit from new policies, and the outlook for retailers is a positive one, it added.

Fibre2Fashion News Desk (DS)