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Deloitte comments on ONS retail sales

26 May 2023

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

“April saw a surprising uplift in retail sales despite ongoing inflationary pressures. The Easter Bank Holiday weekend likely contributed to consumers spending more in department stores and on clothing and accessories. The economic environment remains incredibly tough for many, but consumer confidence is slowly improving from record lows seen in the past year.

“While headline inflation is falling and the weather is improving, food prices remain stubbornly high. This, combined with rising interest rates, suggest all but the wealthiest consumers will continue to be careful about where and how they spend. The importance of loyalty programmes, promotions and great value product will remain key to success for retailers.”