Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Wet weather and shaky consumer confidence give retailers longest dip in sales since pandemic

by April 5, 2024
April 5, 2024
Wet weather and shaky consumer confidence give retailers longest dip in sales since pandemic

Retailers in the UK are facing the longest dip in sales since the Covid-19 pandemic, with high street sales and footfall dampened by wet weather and shaky consumer confidence, according to a recent survey by BDO, a consultancy.

The survey revealed that total in-store and online sales fell by 2.2 per cent in March, marking the sixth consecutive month of decline for retail sales. This decline, occurring over the early Easter weekend, suggests that unfavorable weather conditions may have deterred consumers from visiting brick-and-mortar stores.

Sophie Michael, head of retail and wholesale at BDO, commented on the results, stating that they “continue to paint a bleak picture for retailers,” despite the occurrence of events like the Easter bank holiday weekend and Mother’s Day in March. The pressure on the sector is evident, with several high-profile insolvencies on the high street, including The Body Shop and Ted Baker.

The homeware sector saw a particularly steep decline in March, falling by 10.9 per cent, the worst monthly result since May 2022. Although fashion was the only category to see positive non-store results, with a 1.5 per cent growth, it failed to offset the decline in in-store sales, which dropped by 6 per cent.

Weak demand for household goods contributed to the overall decline in retail sales, while fashion and lifestyle products were among the few categories to see improvement in sales volumes.

Household finances are still recovering from the significant cost of living crisis, with inflation at a four-decade high and interest rates at their highest in 16 years. Consumer confidence, as measured by GfK, has remained subdued in recent months.

Retail footfall also experienced a decline, dropping by 1.3 per cent on an annual basis in March, according to research by the British Retail Consortium and Sensormatic IQ. However, this was an improvement from the 6.2 per cent drop in February. Footfall declined primarily in England, while Wales and Northern Ireland saw slight increases.

Andy Sumpter, of Sensormatic Solutions, said: “The choppy nature of footfall recovery we’ve seen over the past few months indicates that consumer confidence is yet to fully turn a corner, meaning we may see a bumpy recovery in shopper traffic in the months ahead.”

Despite these challenges in the retail sector, other economic indicators suggest that the UK economy is strengthening, with GDP returning to growth at the beginning of the year and private sector activity increasing for five consecutive months, as indicated by the latest purchasing managers’ index.

Read more:
Wet weather and shaky consumer confidence give retailers longest dip in sales since pandemic

0
FacebookTwitterGoogle +Pinterest
previous post
Housing market springs into life over Easter
next post
Google Mulls Charging for Premium AI-Powered Search Results

You may also like

Salmon Scotland urges further talks to scrap 10%...

May 8, 2025

A fifth of British importers have altered supply...

August 8, 2023

OakNorth and Founders4Schools launch new partnership to support...

October 30, 2023

Liberis launches Cashback for Green – a funding...

June 28, 2023

Australian property giant backed by Rupert Murdoch’s News...

September 2, 2024

Ocado launches refillable packaging trial for everyday products

August 8, 2024

Festive golden quarter falls short for uk retailers...

January 7, 2025

Amazon to shut three UK warehouses, affecting 1,200...

January 10, 2023

City regulators crack down on bankers using private...

October 11, 2022

Family firms accuse Labour of dishonesty over tax...

September 25, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • SCOOP: Key GOP group starts work on 2nd ‘big, beautiful bill’ for Trump

      July 25, 2025
    • Grieving parents of American terror victim plead with top criminal prosecutor for justice

      July 25, 2025
    • What James Carville doesn’t get about voter priorities

      July 25, 2025
    • Fields of fortune: Why farmland remains a tax-efficient safe haven — for now

      July 25, 2025
    • UK firms cutting staff at fastest pace since February as economic pressures mount

      July 25, 2025
    • River Island faces collapse unless landlords approve urgent rescue plan

      July 25, 2025

    Categories

    • Business (8,573)
    • Investing (2,145)
    • Politics (16,195)
    • Stocks (3,227)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved