Sales growth as ‘golden quarter’ began
Responding to the latest ONS Retail Sales Index figures, which showed sales up 1.8% by value, and up 2.0% by volume, Kris Hamer, director of insight at the British Retail Consortium, said: “While October produced a positive start to the ‘golden quarter’, with year-on-year growth for the fourth month in a row, there was a monthly decline due to pre-Budget jitters from households. Fashion took the brunt of this hit, especially as the milder weather last month put off winter purchases. Meanwhile, electricals performed well as people continued to upgrade their tech with the latest models. Health and beauty had yet another strong month of sales growth, especially with the popularity of beauty advent calendars which went on sale.
“This additional revenue is essential as retailers face over £7bn of additional costs in 2025 alone, as changes to Employers’ National Insurance contributions, the increase in minimum wage, and new packaging taxes come into effect. These changes will pile pressure onto an industry that already pays far more than its fair share in business taxes, and will make job losses and store closures inevitable. To avoid a cliff edge of costs in April 2025, Government must reconsider the existing timelines for the new packaging levy, while ensuring any changes to business rates offer a meaningful reduction for all retailers as early as possible.”
