6 September, Friday, 2024
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Retail sales slow as shoppers focus on essentials

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Sales growth at British retailers slowed in October as a surge in prices pushed more consumers to focus on essentials instead of new clothing and household goods.

Like-for-like sales growth fell to 1.2pc last month from 1.8pc in September, according to the British Retail Consortium.

Sky-high inflation means shoppers are paying more to buy less, so retailers are selling lower volumes of goods at higher prices.

Shops reported changes in spending patterns amid a deepening cost-of-living crisis and uncertainty over future energy bills. While consumers are increasingly shunning luxury items, they are also cutting their expenditure on essentials.

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