Deloitte comments on ONS retail sales

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

“A back-to-school boost saw retail sales rise for a third consecutive month, with sales of computers and additional clothing and footwear bolstering growth. While many consumers continue to hold back on purchasing big ticket items, the sale of smaller non-essential luxuries has propped up sales values.

“Consumer confidence continues to improve, now returning to pre-pandemic levels for the first time. While discretionary spending has seen improvement in the last quarter, with some consumers allowing budget for little treats and summer holidays, challenges remain. Some consumers are spending more, but retailers remain cautious in the sector’s most crucial few months of the year.

“The Autumn Budget will be weighing on the minds of both consumers and retailers, with the outcome highly anticipated as we head closer to Christmas. These announcements by the Chancellor, along with potential further interest rate cuts, will influence the mood of consumers and whether they spend more in the coming months.”