UK sales volumes up year-on-year in latest ONS data
The Office for National Statistics (ONS) has updated its Retail Sales Index for the month of July, showing a dip in sales volumes of -0.5% compared with June.
Non-food stores and department stores saw declines in July due to stock and footfall issues, and online sales fell -3.9% — albeit, online sales are still up +3.0% in the three month period to July.
Looking at it from a year-on-year perspective, the situation is a lot brighter, with overall sales volumes up +1.6% in July, and online sales values up +6.5%.
“Sales growth among larger retailers was modest in July, as sustained high temperatures since May meant many consumers had brought forward much of their summer spending earlier in the season,” said Harvir Dhillon, lead economist at the British Retail Consortium (BRC).
“For retailers, operating costs remain high, leaving limited room to absorb further increases without putting investment, jobs and prices under pressure. If the Government is serious about delivering growth while keeping the cost of living under control, it must reduce the cost of doing business. This means tackling the growing burden of business rates, packaging taxes and employment costs,” Dhillon concluded.
