Deloitte comments on ONS retail sales figures

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

“Retail sales performed better than expected in August as improving consumer confidence and the last of the summer heatwaves encouraged an uptick in spending across almost all categories. Consumers have bounced back after a minor spending setback in July, with sales volumes across the summer indicating a willingness to loosen the purse strings and spend on not just smaller luxuries, but other purchases too. Food sales performed well again, supported by slowing food inflation, strong competition and increased promotional activity.

“Looking ahead, there is optimism around a recovery in consumer confidence and how this could translate to increased spending momentum. Our data shows that consumers intend to spend more in September, encouraged by the changing of the seasons, back to school, and transitioning wardrobes and wares. However, the upcoming Budget will no doubt be front of mind for many retailers and consumers. The anticipated outcome of the Chancellor’s announcements could impact spending sentiment on the approach to the Golden Quarter.”

ENDS