Retail sales in the UK have rebounded significantly, with volumes up by 2.5% annually, outperforming forecasts and marking the best performance since July 2022. This increase was driven by enhanced consumer spending on food, clothing, and seasonal discounts, particularly strong in supermarkets, which have seen their best sales since July 2021.
Grant Fitzner noted that although supermarkets had a remarkable month, contributing to the highest rise in food sales since summer 2021, overall retail sales still lag behind pre-pandemic levels. He emphasized the positive role easing inflation played in boosting food sales.
Consumer confidence should surge as inflation declines and interest rates are expected to drop, providing additional support to household finances. This anticipated relief creates an optimistic environment for retail sales, suggesting a potential upswing in consumer spending.
Erin Brookes expressed a positive outlook, stating that retailers are hopeful for increased spending on autumn and winter attire as cooler weather approaches, reflecting an overall encouraging trend in the retail sector.
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