Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
UK retail sales fell sharply in September as the cost-of-living squeeze and the late Queen's funeral slowed consumers' spending. Overall sales (by volume) fell 1.4% on the month, exceeding expectations for a modest 0.3% decline. That will leave the sector weighing on Q3 GDP by -0.1%, a greater contraction than the -0.06% seen in Q2.
Food store sales volumes fell by 1.8% in September 2022, which leaves them 3.2% below their pre-coronavirus levels in February 2020, the Office for National Statistics said. “Retailers told us that the fall in September was partly because many stores were closed for the Queen’s funeral, but also because of continued price pressures leading consumers to be careful about spending,” ONS Director of Economic Statistics Darren Morgan noted.
Sales in the coming months could also be pressured, despite the looming Christmas holidays.
With no sign of a strong pick-up in household spending, Joe Staton, head of GfK's consumer survey, told MNI Thursday that retailers would be downhearted to see a further slowdown in the Major Purchase Index in October. Staton said the fall in the purchase indicator is especially worrying for the final quarter of the year, which many businesses rely on to strengthen their balance sheets. GfK's Major Purchase Index fell 3 points to -41; 31 points lower than last October (MNI INTERVIEW: UK Consumer Sentiment Off Lows, Headwinds Build)
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.