📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

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

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.