Overview
- The Office for National Statistics reported on Friday that retail sales volumes fell 0.4% in September, a bigger drop than economists expected.
- Over the three months to September total retail volumes were up 0.7% after the ONS revised July and August figures higher.
- The September decline was driven by lower sales at non-food stores and online retailers while motor fuel volumes rose 2.2%, reflecting higher pump prices from Gulf-related oil market disruption.
- GfK’s consumer confidence index plunged 11 points to -24 in September, signalling weaker household sentiment ahead of the crucial fourth-quarter shopping season.
- Major chains have upgraded profit guidance on stronger recent trading but are publicly urging the government for business rates and employer tax relief ahead of Healey’s Budget, saying policy moves could affect investment and prices for shoppers.