You are here: Home - Household Bills - News -

Shoppers tighten belts as September retail sales disappoint

0
Written by: Paloma Kubiak
18/10/2018
In the month to September 2018, retail sales declined by 0.8% as shoppers cut back on spending following the summer heatwave splurge.

Food sales saw a fall of 1.5%, which is the largest decline in this category since October 2015, according to the Office for National Statistics (ONS).

But on a quarterly comparison, the quantity bought increased 1.2%, helped by consumers spending in watch and jewellery stores.

Year-on-year, retail sales increased by a healthy 3%, but was lower than the forecast 3.6% rise as consumer spending in department stores weighed heavily on the figure.

The ONS also reported that online sales as a proportion of all retailing fell slightly to 17.8% in September 2018 from the 18% reported in August 2018. However, food stores and clothing stores both reported record proportions of internet retail at 5.8% and 18.2% respectively.

Ben Brettell, senior economist at Hargreaves Lansdown, said: “It looks like consumer spending – along with the weather – peaked in early summer and has been declining ever since.

“Where we go from here is highly uncertain. Brexit is hitting consumer confidence hard, but on the plus side wage growth has hit a decade high while inflation is falling. So consumers look likely to have more spending power. The issue is whether they choose to use it, or keep their powder dry until more clarity over Brexit emerges.”

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.

Autumn Statement: Everything you need to know at a glance

Yesterday Chancellor Jeremy Hunt made his first fiscal statement in the role, outlining a range of tax measure...

End of Help to Buy: 10 alternatives for first-time buyers

The deadline for Help to Buy Equity Loan applications passed on 31 October. If you’re a first-time buyer who...

Moving to an energy prepayment meter: Everything you need to know

As households struggle with the soaring cost of energy, tens of thousands of billpayers are expected to move o...

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.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week