Source: Office for National Statistics
UK retail sales volumes fell 1.4% in March, with the biggest driver emerging from non-store retailing, which plunged 7.9%. FTSE 100 down -0.64%, GBP USD down -1.06%
- Online sales dropped significantly last month, with shoppers cutting unnecessary purchases as the cost-of-living crisis started to bite.
- Online sales bore the burden, falling 7.9% in the month after a 6.9% decline in February.
- Fuel sales volumes also decreased by 3.8% as rising petrol and diesel costs discouraged motorists from making unnecessary journeys.
- Meanwhile, non-food stores was the only part of the retail landscape that posted an increase of 1.3%, driven by a 2.6% jump at household goods retailers like garden centers and DIY stores.
- Darren Morgan, director of economic statistics at ONS, stated that retail sales fell back significantly in March, with increases in the cost of living hurting consumers’ spending.
- Food store sales volumes declined by 1.1% over the month, with households reducing excessive foods purchases due to cost-of-living concerns.