UK DIY & Gardening Sector Report summary
November 2023
Period covered: Period covered: 01 - 28 October 2023
3 minute read
Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Become a member to access this data or take out a free 30 day membership trial now.
DIY & Gardening Sales
DIY & Gardening sales fell xx% YoY in October according to the Retail Economics Retail Sales Index (value, non-seasonally adjusted).
ONS data shows the wider Household Goods category faced xx% YoY shop price inflation in October, pointing to a decline in sales volumes.
Indeed, sales volumes in the Household Goods category fell xx% YoY in the month, according to the ONS.
Tough macro backdrop
DIY & Gardening sales disappointed in October as high living and borrowing costs, as well as a weak housing market, curtailed demand for home improvements.
Although consumer price inflation eased considerably to 4.6% YoY in October, down from 6.7% YoY in September, this was mainly driven by falling energy prices.
Indeed, implied retail inflation remained high at 6.4%, pointing to the persistence of high prices for consumers, particularly for grocery products, for which inflation remains in double digits.
This has taken its toll on consumer confidence which fell sharply by nine points to -30 in October, erasing steady improvements recorded over the summer months.
In addition, GfK’s Major Purchase Index fell by a fourteen points to -34 in the month, highlighting a steep reduction in demand for big-ticket and non-essential home improvements products.
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Significant headwinds in the housing market
Source: RICS
