In the three months to the end of October, sales rose 5.1 per cent, compared with last year when growth was reported in all sectors. Sales volumes for non-food stores were 6.9 per cent higher than a year ago, while those at food stores increased 1.7 per cent – the largest increase for this sector since October last year.
The average weekly value of sales in October was£5.1 billion – 3.2 per cent higher than the previous year. Ernst & Young director of retail Lisa Dillon said: “October’s 0.1 per cent volume decline appears to accelerate the weak trading conditions observed throughout the year. Clearly, this does not bode well for Christmas trading.
“The consumer has had a rough year – a combination of successive interest rate hikes, unemployment starting to edge up, record levels of personal debt and fixed-rate mortgages finally starting to bite mean that consumers are approaching the festive season with a level of caution. It all adds up to a relatively tough Christmas and an even tougher New Year.”
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