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Deloitte comments on ONS retail sales

22 September 2023

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

“Retail sales in August rebounded following a disappointing July, as falling inflation and an uplift in consumer confidence boosted spending.

“The macroeconomic situation continues to improve and consumers are more optimistic. However, the high price of essentials due to persistent food inflation remains a heavy weight on consumer spending.

“Looking ahead, retailers will need to prioritise having good availability and effective promotions to maintain consistent sales growth. For consumer business leaders, it will be a balancing act between sticky inflation, peaking interest rates and a tight labour market, so caution is needed.”