+1-888-308-5802      . .

UK retail sales decline as higher costs lead to less spending on food

Author : Pankaj Singh | Published Date : 2022-10-22 

UK retail sales decline as higher costs lead to less spending on food

Retail sales in the United Kingdom have reportedly declined more sharply than predicted in September, as rising costs caused customers to cut back on spending, and with many stores remaining closed on the day of Queen Elizabeth's funeral.

According to the Office for National Statistics, retail sales fell by 1.4% in September, despite a 0.5% decline anticipated by City economists. This is the first time that volumes have gone below pre-pandemic levels.

The most recent statistics show that sales from food shops decreased by 1.8% as consumers became more cost-conscious due to worries about price increases and the cost of living. The statistics come as pressure on households increases across the nation as a result of inflation reaching its highest level in the past 40 years due to rising food prices.

Sophie Lund-Yates, the head equity analyst at Hargreaves Lansdown, stated that the newest installment in the cost-of-living crisis saga is disappointing but not unexpected. Food sales were particularly impacted as consumers cut back on trolley treats and more costly dining patterns.

Spending on more expensive items continued to slide in September, with household goods shops like furniture stores reporting a 1.5% drop in sales. Other non-food merchants, such as jewelers, reported a 0.7% decline in sales in September, while major retailers and departmental store owners saw a 0.6% decline.

Sales at clothes retailers, however, defied the general trend and increased 1% last month, largely as a result of expansion in the footwear sector. Sales volumes in non-food stores also decreased by 0.6% in September.

As more people started buying in actual stores again in September, online sales decreased by 3%, but they were still 18% higher than they were before the outbreak of the pandemic.

In addition, consumers are using their cars and trucks more sparingly, as evidenced by the 1.3% decline in automotive gasoline sales last month, despite ongoing declines in pump costs.

Source credit: https://www.theguardian.com/business/2022/oct/21/retail-sales-fall-in-great-britain-as-shoppers-rein-in-food-spending

About Author

Pankaj Singh . .

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

Related News

Vaccination gap sparks concerns about measles outbreak in children

Vaccination gap sparks concerns about measles outbreak in children

Published Date: 2022-11-25         Author: Pankaj Singh

World and US health officials have reportedly warned that Measles is threatening to resurface among children after following a record-breaking drop in vaccination rates during the pandemic. As per a joint report from the US Centers for Disease Control and Prevention (CDC) and World Health Organiz... Read More>>

UK: Ofsted demotes several schools, which it inspected after 13 years

UK: Ofsted demotes several schools, which it inspected after 13 years

Published Date: 2022-11-23         Author: Pankaj Singh

Ofsted, the Office for Standards in Education, Children's Services and Skills, has reportedly downgraded hundreds of great schools in England after their first re-inspections in 13 years. The agency reported that over the previous academic year, it inspected more than 500 schools that had previo... Read More>>

COVID cases increase in China, affected Beijing tightens entry rules

COVID cases increase in China, affected Beijing tightens entry rules

Published Date: 2022-11-22         Author: Pankaj Singh

China's capital, Beijing has recently warned about a severe COVID-19 pandemic, closing schools and businesses in affected areas and tightening entry rules as cases increased both nationally and locally. China is struggling with increasing COVID-19 cases, from Zhengzhou in the center of the He... Read More>>

© 2022 Fractovia. All Rights Reserved