Retail sales volumes are estimated to have fallen by 0.3% in October 2023, following a fall of 1.1% in September 2023 (revised from a fall of 0.9%), according to the Office for National Statistis (ONS).
Looking broader, sales volumes fell by 1.1% in the three months to October 2023 when compared with the previous three months.
Automotive fuel sales volumes fell by 2.0% in October 2023; in the three months to October, sales volumes fell by 0.7% when compared with the previous three months, which may be affected by increasing fuel prices.
Food stores sales volumes fell by 0.3% in October 2023, from being unchanged (0.0%) in September 2023.
Non-food stores sales volumes fell by 0.2% in October 2023, following a 2.1% fall in September 2023; retailers suggested that cost of living, reduced footfall and the wet weather in the second half of the month contributed to the fall.
Non-store retailing (predominantly online retailers) sales volumes rose by 0.8% in October 2023 following a fall of 2.4% in September 2023.
Oliver Vernon-Harcourt, head of retail at Deloitte, said: “October’s worse than expected retail sales performance represents further signs of weak consumer spending. This follows a prolonged period of economic strain on consumers’ personal finances, driving cautious spending in both essentials and discretionary categories.
“However, with inflation easing more sharply than expected, and with the ‘Golden Quarter’ in full swing, retailers will be hoping for a fruitful festival period, as more consumers expect to spend more this Christmas compared to last year. It remains a highly competitive environment, and retailers will need to prioritise maintaining good availability and an efficient, enjoyable customer experience both in-store and online.”