UK retailers recorded a surprise drop in sales in October, marking the lowest level since the pandemic, latest data shows.
The Office for National Statistics said sales volumes dipped by 0.3 per cent last month, while revising September’s fall from 0.9 per cent to 1.1 per cent.
Analysts were predicting a rise of 0.4 per cent for October. The actual figure of a 0.3 per cent decline brought sales to their lowest since February 2021 when Covid-19 restrictions were in place.
Food shops said their sales had also fallen 0.3 per cent during the month, a worse result than September, but non-food stores registered a decline of 0.2 per cent in October, after sales dropped 2.1 per cent the month before.
Retailers blamed the cost of living, reduced footfall and wet weather in the second half of October.
"Retail sales fell again in October to their lowest level since February 2021, when widespread lockdown restrictions were in place," said Heather Bovill of the ONS.
"After rebounding in September, fuel sales dipped with increasing prices discouraging customers, while food sales also dropped as consumers prioritised essential goods.
"It was another poor month for household goods and clothes stores, with these retailers reporting that cost-of-living pressures, reduced footfall and poor weather hit them hard.
"However, it was a better month for online retailers, the only main sector to report growth in October."
The ONS said while volumes – the amount sold – dropped during the month, the value of what was sold increased by 0.1 per cent.
People were paying 16.9 per cent more to buy 3.1 per cent less in October than they did in February 2020, laying bare the impact of the cost-of-living crisis.
Earlier this month, a survey from the ONS showed the rising cost of living has caused about two thirds (67 per cent) of adults in Britain to spend less on non-essentials.
Aled Patchett, head of retail and consumer goods at Lloyds Bank, said: "Another dip in sales suggests rising household costs remain at the forefront of consumers' minds, despite headline inflation easing in recent months.
"The rising cost of living remains a drag on consumers' discretionary incomes. Households continue to prioritise essential spending, particularly as falling winter temperatures push energy use up and high levels of inflation prevent material downturns in the prices of goods.
"Retailers will now be looking to strike the balance of getting staffing levels right, while also being mindful that an early sales offering might not get the tills ringing as loudly as they'd like, as consumers navigate financial challenges elsewhere."
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Sector: HealthTech / MedTech
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Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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Industry: EdTech
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
