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theguardian.com

UK Retail Sales Slump in October

UK retail sales growth slumped in October due to anticipated Black Friday deals and a later school break, impacting various sectors. Consumer confidence rose, but spending slowed.

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English

United Kingdom

EconomyLabour MarketRetailSalesSpendingConsumer Confidence

British Retail Consortium (Brc)BarclaysKpmgOpinium

Helen DickinsonKeir StarmerRachel ReevesLinda Ellett

What were the key factors contributing to the slowdown in UK retail sales growth in October?: UK retail sales growth slumped to 0.6% in October, significantly lower than September's growth and less than half the three-month average. This slowdown is attributed to consumers delaying purchases in anticipation of Black Friday sales and a later-than-usual school half-term.
What factors, according to the BRC and other sources, contributed to the decreased consumer spending?: The British Retail Consortium (BRC) and Barclays both reported decreased consumer spending in October. The BRC cited uncertainty before the budget and rising energy bills as contributing factors, while Barclays noted many consumers' preparations for Black Friday sales.
Which sector experienced the most significant decline in sales, and what were the contributing factors?: The decline in sales was most prominent in the fashion sector due to mild weather, while shoppers held back on spending, waiting for Black Friday deals. Food sales saw a smaller increase, while non-food sales slightly decreased.
What is the anticipated significance of the upcoming Black Friday sales, and what are the expectations of retailers?: Experts predict that the upcoming Black Friday sales will be a key indicator of post-budget consumer sentiment. Retailers are hoping for an upturn in spending, despite increased employment costs, to counteract the impact of the recent budget.
How did Barclays' data on consumer spending compare to the BRC's findings, and what additional insights did it offer?: Barclays' data also shows a spending slowdown despite increased consumer confidence. Consumer card spending grew by a smaller margin than in September, with essential spending experiencing the sharpest decline since the initial Covid-19 lockdown.

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