Deloitte comments on ONS retail sales

20 September 2024

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

“The late arrival of sunshine and the busy agenda of sporting events in August gave a much-needed lift to UK retail sales, with consumers spending more on summer clothing ranges and food for outdoor socialising. The first cut in interest rates in four years last month saw a rebound in the property market, which might have led to the growth in sales of household goods.

“While many consumers remain cautious and are opting out of purchasing big ticket or luxury items, some are still treating themselves by spending on little luxuries, resulting in a boost in sales of small discretionary items in personal care and in premium food categories.

“This better-than-expected lift to sales will give retailers hope that more consumers will spend consistently in the months ahead. However, many consumers will be awaiting the outcome of the forthcoming autumn budget and further interest rate adjustments before loosening their purse strings entirely. The ‘golden quarter’ is looming, and many retailers will want to see how they perform in their busiest period of the year before releasing the brakes on making more significant investments.”

ENDS