UK Retail Sales Report | Data & Insight

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UK Retail Sales Report summary

November 2024

Period covered: Period covered 29 September – 26 October 2024

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.

Retail sales

Retail sales rose by just xx% YoY in October as consumer confidence weakened.
Factors impacting the headline performance in the month include: Budget uncertainty; energy inflation; a later half term; and mild weather as well as storms.

Warm weather dampens seasonal sales

Clothing (-xx% YoY) and Footwear (-xx%) struggled as unseasonably warm temperatures delayed winter wardrobe purchases.
Storm Ashley on 20 October brought heavy rain and winds of up to 80 mph (Met Office), impacting footfall, which declined by xx% YoY (MRI Software).
Online sales (+xx%) grew as consumers sofa surfed amid stormy weather, but remained below usual October levels, reflecting anticipation for Black Friday.
Health & Beauty (+xx%) remained a standout, supported by advent calendars.
Food (+xx%) sales were driven by Halloween treats, but price-conscious consumers focused on promotions, with 36% of branded sales on offer.

Budget blamed for softening sales

Speculation around the October Budget dampened spending. GfK’s Consumer Confidence Index dropped to -xx in October, its lowest since March, with the major purchases index at -xx and the savings index rising to +27.
Inflation rose to xx% YoY in October, driven by a £xx annual increase in energy bills as Ofgem raised the price cap.

Focus on retail essentials and experiences

Entertainment spending surged xx% YoY (Barclays), supported by Coldplay ticket sales and hit TV shows like Rivals. In contrast, big-ticket purchases were deferred, with shoppers awaiting a potential November interest rate cut.

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Consumer confidence lift post-Budget