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Retail sales grow at fastest pace since January 

Published 21/06/2024, 08:05
© Reuters.  Retail sales grow at fastest pace since January 

Proactive Investors - UK retail sales volumes jumped by 2.9% in May 2024, recovering from a 1.8% fall in April, the Office for National Statistics (ONS) reported.

This increase surpassed the 1.5% rise forecast by City economists and represents the fastest growth since Jananuary.

It was helped by a 5.4% rally in clothing sales and significant growth was recorded among non-store retailers, such as online shops, where volumes surged by 5.9%.

Department stores, clothing outlets, household goods sellers, and other non-food stores saw a 3.5% rise in sales volumes.

The ONS said: "Sales volumes rose across most sectors, with clothing retailers and furniture stores rebounding following poor weather in April."

Oliver Vernon-Harcourt, head of retail at Deloitte, said: “The tide could be finally turning for retailers, with more consumers releasing their purse strings and spending on discretionary items such as clothing and furniture.

“The summer of sport has kicked off, and with warmer days upon us, the retail sector will be hoping to see spending momentum continue."

Read more on Proactive Investors UK


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