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Deloitte comments on ONS retail sales

21 April 2023

Commenting on today’s ONS retail sales figures, Oliver Vernon-Harcourt, head of retail at Deloitte, said: 

“The retail sector failed to spring into action in March as wet weather and persistent high inflation deterred consumers from visiting the high street.

“With food prices continuing to rise at their fastest annual rate in almost half a century, consumers have cut back on the size of their grocery baskets.

“Meanwhile, as non-food sales continue to fall, it will be crucial in the near future to focus on managing product ranges so that pricing, promotions and variety are all appealing to consumers sensitive to the cost-of-living. This will be key in driving sales and, in turn, avoiding excess stock and working capital at the end of the season.”