Retail Sales in Great Britain: September 2024

Initial estimates suggest that non-food stores boosted retail sales in Great Britain. Sales volumes in September 2024 rose by 0.3%. This followed a 1.0% increase in August 2024. This growth shows that the market is continuing to recover. Sales volumes in September were at their highest levels since July 2022.

Year-on-year sales performance

Over the year to September 2024, sales volumes rose by 3.9%. This is the largest year-on-year increase since February 2022. This improvement reflects increased consumer demand. However, compared to pre-COVID-19 sales levels, volumes fell by 0.2%. This suggests that market is still struggling to fully recover.

QoQ rise

Looking at performance in Q3, sales rose by 1.9% compared to Q2. This is the biggest increase since July 2021. The improvement was across all major sectors. Compared to the same period last year, sales increased by 2.6%. This positive trend shows an improvement in consumer confidence.

The impact of non-food stores

Non-food stores are a major driver of sales growth. These stores have contributed to the growth during current period. This includes clothing, home appliances, and electronic products. Consumers are shifting towards spending on non-essential goods, which is boosting the overall performance of the sector.

Factors affecting the market

Retail sales are affected by several factors. These include a stable economy, rising wages, and changing consumer behavior. The general economic situation plays an important role in consumers’ decision to spend. The rise in retail sales indicates an improvement in economic conditions.

Outlook

All eyes are on the coming months to see what will happen in retail sales. Growth is expected to continue, especially if economic conditions continue to improve. Seasonal factors, such as Christmas, can affect sales volumes in the last quarter of the year. It is important to monitor trends to ensure that this growth is sustainable.

Retail Sector Volumes: Current Trends

Retail sales of computers and telecommunications have increased significantly, while those of food have declined. This trend indicates a change in consumer behavior and the effects of the economy.

Technology sales are on the rise

The growing demand for computers and telecommunications reflects consumers’ need for modern technology. Many people use these devices for work, study, and entertainment. As a result, technology companies have performed strongly in the retail market. This growth underscores the importance of innovation in this sector.

Food sales are falling

On the other hand, food sales have declined. This decline is attributed to several factors, including rising prices and changing purchasing habits. Consumers are moving towards more cost-effective options. This change in behavior reflects consumers’ response to market fluctuations.

Non-store retailing

Non-store retailing refers to retailers that operate without physical stores. This type of retailing includes online retailers, as well as kiosks and markets. Non-store retailing is a flexible option for consumers. Online retailers are becoming increasingly popular. The Internet makes it easier to access a wide range of products. Many consumers prefer to shop online to save time and effort. This trend shows how technology has become an essential part of the shopping experience.

Retail in traditional markets

In addition to online retail, the presence of kiosks and markets continues to attract consumers. These traditional modes provide a unique shopping experience. Consumers can interact with sellers and view products directly. This method is also a good way to support the local economy.

Impact of economic factors

The retail sector is affected by several economic factors. Among these factors are commodity prices, personal income, and unemployment rates. Fluctuations in these factors can influence consumer decisions. Improving economic conditions are seen as a boost to retail sales.

Online retail values: trends and developments

Online sales increased significantly in most sectors. However, sales of non-store retailers declined over the past month. This reflects a shift in consumer behavior and interests.

Increase in online spending Online spending increased by 1.3% in September 2024. This increase compared to August 2024 shows the increasing reliance on online shopping. The percentage of spending increased compared to September 2023 by 6.7%. This trend reinforces the importance of e-commerce in the modern economy. Total spending, which includes in-store and online sales, increased by 0.1% during the month. This growth is a positive indicator of market stability. It reflects improved consumer confidence and willingness to spend.

As a result of these increases, the percentage of sales made online increased from 27.5% in August 2024. This percentage had been revised down from 27.6%. In September 2024, the percentage increased to 27.7%. This trend shows that shoppers are increasingly preferring to shop online. This growth in online sales is attributed to several factors. These include the availability of a wide range of products, the convenience of shopping, and fast delivery. In addition, consumers are benefiting from promotions and discounts offered online. This trend is considered a significant shift in purchasing behavior.

Despite the remarkable growth, some traditional retailers are facing challenges. Many of these stores rely on direct traffic for their sales. With in-store sales declining, retailers must reevaluate their strategies. It is advisable to invest in digital transformation to meet the needs of consumers. The growth in e-commerce sales is expected to continue. The proportion of online spending is likely to increase in the coming months. Retailers must innovate and improve the online shopping experience. This will help them compete better with digital companies.

Retail sales in Great Britain for September 2024 show a significant recovery.

Related Articles