– 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.
Weakening consumer confidence has led to a much worse than expected October for retailers. Retail sales volumes dropped 0.8% month-on-month.