Deloitte comments on ONS retail sales figures
Commenting on today’s ONS retail sales figures, Oliver Vernon-Harcourt, head of retail at Deloitte, said:
“Consumers cutting back on fuel, paired with unseasonably cold weather, saw April’s monthly retail sales fall more than expected. This will be disappointing for retailers following the sales growth in March, albeit this was boosted by the earlier timing of Easter. A sharp rise in fuel prices during April, coupled with a weakening labour market, has intensified the pressure on household budgets.
“While headline inflation has fallen, this appears to be a temporary reprieve rather than a positive shift for consumer purchasing power. In the short-term, optimism among retailers feels unlikely, with inflation expected to increase, the housing market slowing and consumer confidence in flux. However, the longer days, warmer weather and major sporting events over the summer could provide a welcome boost to the retail sector.”
ENDS
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