Unexpectedly high official retail sales figures fail to convey how tough conditions are for customers and retailers, said the British Retail Consortium (BRC).
Today’s (Thursday) Office for National Statistics (ONS) figures show October’s total sales values were up 3.2 per cent on a year ago, in stark contrast to the 0.1 per cent fall shown by the BRC’s figures. ONS data also shows total sales growth increased from three per cent in September, while BRC figures showed total sales growth has been slowing since May.
Stephen Robertson, director general of the BRC, said: “These unexpectedly strong ONS figures suggest sales growth increasing in stark contrast to our own showing total sales actually falling in October. Given customers and retailers are being squeezed by a whole range of costs and consumer confidence at record lows, few retailers are telling me consumers are spending more. The boss of a leading retailer told me things haven’t been this bad since the early 1990s.
“Conditions remain tough and look set to get tougher into the New Year, which can only make customers more nervous about spending. Retailers have reacted to the economic slowdown with wide range discounts and promotions. This is a great time to pick up a bargain for Christmas.”
