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Deloitte comments on the latest ONS retail sales figures |
Richard Hyman, strategic retail adviser to Deloitte, said: “Today’s retail sales data is not unexpected given we are comparing with the period following the collapse of Lehman in September last year. Whilst positive news is always welcome, it should be tempered on this occasion and we remain cautious about calling the return of retail spending growth.
“The consumer faces a number of headwinds in 2010 including rising unemployment, higher taxes and larger National Insurance contributions. In addition, it is possible that interest rates will start to go up next year removing some of the ‘extra’ spending power some consumers have enjoyed through lower mortgage payments.
“The supply of credit to the consumer sector, one of the drivers of spending growth over the past decade, remains constrained. At the same time, we have switched from consuming to paying down debt and raising saving. In previous recessions, this has continued long after the wider economy returns to growth.
“As a result of these factors, we expect retail sales to take a slight fall of 1.5% next year, although this is still a fantastic performance given the scale of the economic downturn and the continued pressures facing the consumer.”
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In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms. Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu (‘DTT’), a Swiss Verein, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk\about for a detailed description of the legal structure of DTT and its member firms. The information contained in this press release is correct at the time of going to press.
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