UK retail sales slide as shoppers buy less food after summer splurge – business live

All the day’s economic and financial news, as UK shoppers tighten their belts and cut back on food

Earlier:

9.54am BST

Ben Brettell, senior economist at Hargreaves Lansdown, says today’s UK retail sales figures are a concern:

Retail sales fell 0.8% in September as shoppers cut back on spending after a bumper summer. Food sales suffered their biggest monthly drop in three years.

The monthly data is notoriously volatile, but the year-on-year figure of 3.0% undershot economists’ forecasts of a 3.6% rise, and September’s drop dragged the three-month number down to 1.2%, the third fall in a row.

9.43am BST

Philipp Gutzwiller, head of consumer at Lloyds Bank Commercial Banking, says shoppers cut back last month, after a summer splurge.

“After a summer of spending boosted by the long, hot weather, September saw shoppers tighten their belts to catch up.

“As a result, retailers have had to redouble their efforts, focusing on either steep discounts or creating the theatre that makes going shopping an experience consumers can actually enjoy.

#UK retail sales disappoint in September, falling 0.8% month of month, core also, and rising only 3% year on year, 3.2% core, well below expectations.

After strong readings during the bumper summer months in the UK Retail Sales it’s no surprise that the upside couldn’t be sustained. Monthly figure falls to -0.8% with Yearly at 3% vs 3.5% expected. $GBP off slightly, $GBPUSD 1.3108.

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Source: The Guardian
UK retail sales slide as shoppers buy less food after summer splurge – business live