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Reading: Despite consumer confidence reaching a “new two-year high,” retail sales show little growth in business.
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Baner Club > Blog > Business > Despite consumer confidence reaching a “new two-year high,” retail sales show little growth in business.
Business

Despite consumer confidence reaching a “new two-year high,” retail sales show little growth in business.

Retail sales last month performed worse than anticipated, contradicting forecasts that the UK economy would emerge from recession driven by consumers.

Last updated: 2024/04/19 at 7:45 AM
Published April 19, 2024
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The Office for National Statistics (ONS) revealed that sales volumes in March were unchanged from the previously released upwardly revised number of 0.1%.
It said that sales at non-food stores somewhat offset supermarket declines.

Sales of fuel rose by 3.2%.
Senior statistician Heather Bovill of ONS provided the following analysis of the overall picture: “Retail sales did not increase in March.

“Sales of clothing, hardware, furniture, and gasoline were all up at these stores.

“However, these increases were offset by falling sales of food and department stores, where retailers argue that higher prices have harmed sales.

In the long run, retail sales increased over the last three months after a weak Christmas.

Even though the performance will not risk the recession’s anticipated end in the first quarter of this year, it does show that consumers are still keeping a careful eye on their expenditure.

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