Posted 9th November

Retail sales remain low in October, says BRC

By KBBDaily on 9th November 2018 - 07:00am
money matters, brc, british retail consortium, kpmg, retail, sales, monitor, furniture, non-food, household, appliance, kbb, kbbdaily

The latest British Retail Consortium – BRC – KPMG Retail Sales Monitor has reported a 0.1% increase in retail sales on a like-for-like basis in October 2018, with in-store sales of non-food products declining by 3.3% on a like-for-like basis in the three months to October.

Online sales of non-food items grew by 7.6% last month, the BRC said, while overall non-food retail sales declining by 1%. The online penetration rate for non-food products in the UK increase from 25.7% to 27.6%, the BRC added.

“Overall, retail sales growth remains low by historical standards,” said BRC CEO Helen Dickinson. “Sales in October saw only a slight uplift on the previous year, as cautious consumer spending continues into the final quarter of the year.

“Brighter weather and the anticipation of better deals in the Black Friday November sales have dampened demand for discretionary purchases. Moreover, low real wage growth over an extended period has left consumers with less money in their pocket, squeezing retailers’ margins in the face of higher costs.”

She added: “Furthermore, the very real possibility of a no-deal Brexit presents a huge challenge for retailers who must contend with the prospect of higher import prices, and further drops to consumer demand.

“Time is running out and it is essential that the Government, the EU and the UK Parliament come to an agreement on the backstop and delivers a Brexit deal detail which gives confidence to both consumers and retailers, and avoids squeezing real wages further.”


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