You are here: Home - Household Bills - News -

UK retail sales expand in February

0
Written by: Adam Lewis
23/03/2017
After three months of declines, UK retail sales increased by 1.4% in February compared with January 2017, according to the Office for National Statistics (ONS).

Against expectations of just 0.4% month-on-month growth these sales were better than expected and were seen across all store types, while year-on-year retail sales increased by 3.7%.

However in the three months to February, sales volumes fell by 1.4%, a sharper slide than the 0.5% decline for the three months to January. This was the biggest three-month fall recorded by the ONS since March 2010.

Commenting on the figures, Kate Davies, ONS senior statistician said: “February’s retail sales figures show fairly strong growth, though the underlying three-month picture shows falling sales as February’s figures follow two consecutive months of decline in December and January.

“The underlying trend suggests that rising petrol prices in particular have had a negative effect on the overall quantity of goods bought over the last three months.”

Michael Baxter, economics commentator for the Share Centre said: “Given that month-on-month retail sales had fallen in the three previous months there was always a chance of a mild bounce-back in February – the surprise relates to the scale of the bounce-back.”

However Baxter said the quarterly 1.4% drop in retail sales perhaps gives a better picture of the underlying trend.

He said: “With inflation likely to carry on rising this year, households are likely to see their disposable incomes, after allowing for inflation, fall. This will have a negative impact on retail sales. While the February pick-up was a positive sign, greater challenges lie ahead for the high street.

“However, for online sales it was a much more positive story. In fact, online sales (ex-automotive fuel) jumped 3.3% month-on-month and 20.7% year-on-year. Online sales now account for 15.3% of retail spending: the data highlights how retailers who can master their online presence can buck the trend.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
pension retirement
Workers in their 30s could reach State Pension age at 70

Two separate reports have been published today recommending the State Pension age to increase, which could impact millions of workers...

Close