Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
UK retail sales growth remained stable in March, according to data from British Retail Consortium-KPMG on Tuesday.
Total UK retail sales increased 5.1% in March against the previous year, slowing from an increase of 5.2% in February.
This was above the three-month average growth of 4.8%, however, as well as the 12-month average of 2.6%.
Like-for-like retail sales increased 4.9% in March against the previous year, unchanged from February. The LFL figure was also above the three-month average growth rate of 4.6% and the 12-month average of 2.1%.
Helen Dickinson, chief executive of British Retail Consortium said: ‘While the wettest March in over forty years dampened sales growth for fashion, gardening and DIY products, Mother’s Day brighten up sales for the month.’
‘With consumer confidence edging up and big events on the horizon such as the King’s Coronation, retailers have reason for a spring in their step. However, extensive cost pressures on business remains, and government must ensure it minimises incoming regulatory burdens.’
Food sales increased 8.5% against the previous year on both a total and LFL basis over the three months to March.
Non-food sales increased 1.8% on a total basis and 1.4% on a LFL basis against the previous year over the three months to March.
Paul Martin, UK head of retail at KPMG, said: ‘As we enter April, rising utility costs, council tax and mobile bills coupled with frozen personal tax rates and the withdrawal of energy bill support will see consumers having to further cut back on discretionary spending. Consumers will continue to take steps to reduce spend where they can - switching where they shop, what they buy, and spending on fewer items.
‘The challenge for retailers right now is having to face into their own rising cost agenda, as the rise in minimum wage rates comes into effect and inflation continues to challenge margins, whilst ensuring affordability, choice and value for customers, which will be key to keeping the tills ringing.’
The data covers the five weeks from February 26 to April 1.
Copyright 2023 Alliance News Ltd. All Rights Reserved.