Deloitte comments on ONS retail sales

19 July 2024

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

“The weather was once again unkind to the retail sector, as cooler conditions than average deterred consumers from spending on the high street. This is particularly significant as last June saw the UK experience a record-breaking heatwave that supported strong spending across food and non-food categories. Seasonal and weather dependent items such as clothing and outdoor related products such as DIY and gardening continue to be the worst affected, and a traditionally unpredictable British summertime combined with high interest rates might continue to disrupt sales in these categories.

“While these retail sales results are disappointing, consumer confidence continues to rise and is now above its long-term average, returning to levels last since in 2021 when consumers emerged from the pandemic with record levels of savings. Generally, consumers appear to be feeling better about their levels of disposable income, and with a slightly more optimistic economic outlook on the horizon, a boost in spending will likely follow.”

ENDS