Pre-Budget uncertainty hits retail sales in October – London Business News | Londonlovesbusiness.com

Retailers were hit with pre-Budget uncertainty and in October clothing stores had a weak month as shoppers held off buying warms clothing.

According to the Office for National Statistics (ONS) retail sales volumes decreased by 0.7% last month.

Food stores saw sales fall by 0.6% and retailers hinted that “low consumer confidence and uncertainty around the Budget announcement” which saw their sales take a hit.

Non-food stores swung lower by 1.4% in October after seeing a 2.3% growth in September.

ONS senior statistician Hannah Finselbach said: “Retail sales fell back in October following three months of growth.

“The fall was driven by a notably poor month for clothing stores, but retailers across the board reported consumers held back on spending ahead of the Budget.

“However, when we look at the wider trend, retail sales are increasing across the three month and annual periods, although they remain below pre-pandemic levels.”

Jacqui Baker, head of retail at RSM UK, said: “It was a concerning start to the golden quarter which won’t come as good news for retailers given it’s supposed to be the start of their busiest period.

“With half-term falling later this year and relatively mild weather, consumers have put off buying their winter coats and boots.

“This has made it difficult for retailers to shift stock, particularly as many have held off spending to take advantage of Black Friday deals.”