September retail sales – consumer spending remains robust
The Office for National Statistics has reported retail sales figures in Great Britain for September:
· Retail sales volumes rose by 0.3% in September 2024 following a rise of 1.0% in August.
· Non-food store sales volumes rose by 2.5% in September, Food fell by 2.4%.
· Retail sales had been expected to rise by 0.3%.
Charlie Huggins, manager of the Quality Shares Portfolio at Wealth Club commented: “Retail sales volumes came bang in line with expectations in September, with strong performances from computing and telecoms retailers offsetting a weaker performance in food.
There is little sign in these figures of consumers cutting back ahead of the Autumn Budget. Strong sales of computers, which are traditionally seen as a more discretionary purchase, suggest the UK consumer is in relatively fine fettle. And although food sales were rather weak, weather appears likely to have played a part.
With UK inflation now below the Bank’s 2% target, paving the way for further interest rate cuts, there is a feeling of cautious optimism in the air. Add it all up and it suggests retailers can look forward to the festive period with a degree of confidence.”
