Deloitte comments on ONS retail sales

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

“A second consecutive month of retail sales growth, particularly the better-than-expected results for February, should be reassuring for many retailers. Despite the cold weather snap, consumers still looked to upgrade their wardrobes, while household goods also performed particularly well, perhaps as the half-term break encouraged an early round of spring cleaning and home improvement.

“While these results are positive, and a much needed boost for the sector, there are still headwinds for both consumers and retailers. Food inflation remains high, meaning consumers are buying less, and retailers will be feeling cautious in the build up to changes to wage costs next week. Retail businesses will be focusing on driving efficiency and limiting costs in order to build some resilience in the coming months. However, spring is well and truly around the corner, so there will be hope amongst retailers that a turning of the seasons can bring a boost to confidence and lead consumers to spend more on new fashion, outdoor entertaining and categories like DIY.”

ENDS