UK retail sales slump to 0.6% as shoppers protect their coffers for Christmas

Budget led to waning sales

Total UK retail sales increased by 0.6% year-on-year in October, down from a growth of 2.6% during the same month in 2023, as Budget uncertainty and the propensity to save for Black Friday and Christmas caused shopping levels to drop.

According to data from the British Retail Consortium, this 0.6% figure was markedly below the 1.3% three-month average and the 12-month average growth of 1%, a drop that was also reflected in food sales which, despite increasing 2.9% year-on-year in the three months to October, were well below the 7.9% growth in October 2023.  Meanwhile, online non-food sales increased by 0.4% year-on-year in October, up from an average decline of 2.5% in October last year, but still below the three-month and 12-month averages of 1.9% and 0.9%, respectively.  UK gilt yields hit 2024 high as investors ...