– British Retail Consortium
This is a really dispiriting result so close to Christmas. September's slight upturn in sales offered retailers mild cause for cheer, but it was frustratingly short-lived. Consumer confidence dropped to a six-month low in October and this has led to sales growth almost grinding to a halt at a critical point. With Christmas fast approaching, retailers will be hoping that the festive feelgood factor translates into a much stronger showing next time.
Retail figures just out, nastier than expected - spending down 0.8% on the month. But retail is up 0.6% on the year and online continues to grow. Weekly online spending is now more than £500 million.
Retail sales figures for October down as people squeezed by rising prices.
– Howard Archer, Economist
Indeed, consumer confidence disappointingly suffered a relapse in October after edging up to a 15-month high in September, highlighting that sustained improvement in consumer spending is far from guaranteed over the coming months.
Weak consumer confidence is expected to take its toll again on the high street following a bounceback in September.
- Experts predict a 0.2% drop in retail sales volumes for October
- It follows a 0.6% rise the previous month, driven by demand for warmer clothes and back-to-school clothing
- But many consumers still face significant pressures of rising inflation, higher food prices and muted wage growth
Official figures are released at 9:30am.