August retail sales, consumer spending remains robust – London Business News | Londonlovesbusiness.com

The Office for National Statistics has reported retail sales figures in Great Britain for August.

Retail sales volumes rose by 1% in August 2024 following a rise of 0.7% in July and non-food store sales volumes rose by 0.6% in August, Food rose by 1.8%.

Retail sales had been expected to rise by 0.3%.

Charlie Huggins, Manager of the Quality Shares Portfolio at Wealth Club said, “Retail sales volumes beat expectations in August, with strong performances from food and clothing providing a nice summer boost for retailers. End of season sales and better weather both played their part, leading to stronger footfall in stores.

“If consumers are feeling cautious ahead of the Autumn Budget they are certainly not showing it. In fact, the UK consumer appears in relatively fine fettle, with little sign that they are significantly cutting back.

“With wages rising and mortgage costs going the other way, there is a feeling of cautious optimism that has been sadly lacking in recent years. And although the Bank of England held interest rates steady yesterday, more cuts are expected over the coming months.

“Add it all up and it suggests retailers can look forward to the rest of the year with a degree of confidence.”