UK retail sales slumped in February 2024 as consumers took a noticeable swerve away from clothing and into homeware, dining, health and beauty as the BRC urges the Government to find ways to stimulate the economy.
In response to the Office of National Statistics’ sales data and the February SPI, the British Retail Consortium stated that the inclement weather had an effect on customer demand.
Compared to a growth of 5.2 per cent in February 2023, total retail sales in the UK increased by 1.1 per cent in February 2024. This was less than the 1.4 per cent three-month average growth and the 3.1 per cent 12-month average growth.
In the three months leading up to February, non-food sales fell 2.5 per cent year over year, compared to an increase of 3.2 per cent in February 2023. Compared to the 0.9 per cent 12-month average decline, this is greater. Non-food items decreased in February compared to the previous year.
In-store non-food sales grew by 8.1 per cent in February 2023, but fell 2.3 per cent year over year in the three months leading up to February 2024. This growth is less than the 0.3 per cent 12-month average.
In February 2024, online non-food sales fell 4.1 per cent year over year, compared to a 3.1 per cent loss in the same month the previous year. Compared to the 2.9 per cent drops over the next three and twelve months, this was steeper.
