UK retail sales growth jumps in August, BRC says
By Benjamin Chiou
Date: Tuesday 05 Sep 2023
(Sharecast News) - UK retail sales growth jumped in August, as an improvement in consumer confidence drove spend of health and beauty products, and food and drink.
According to data out Tuesday from the British Retail Consortium (BRC), total retail sales increased at an annual rate of 4.1% last month, accelerating from the 1.5% growth registered in July after disappointing weather dampened footfall for many retailers.
The three-month moving average for annual sales growth increased to 3.6% in August from 3.5% in July, BRC said.
The three-month average growth rate of food sales eased from 8.4% to 8.2%, but this was offset by an improvement in the decline in non-food, from -0.5% to -0.2%.
Commenting on the data, BRC's chief executive Helen Dickinson said: "Sale of non-food products had their best month since February, particularly for health and beauty products as retailers continued to invest in new, exciting brands, and customers splurged on self-care."
Dickinson said that while easing inflation will come as welcome relief for many, sales growth may fall in the coming months, even if volume growth does not.
"Furthermore, high interest rates and high winter energy bills will put pressure on many households to spend cautiously. Retailers are combatting this through a clear focus on great value for consumers, expanding budget ranges, and finding ways to cut costs where possible," she said.
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