Latest news with #MattJeffers
Fashion United
20-06-2025
- Business
- Fashion United
UK: Retail sales take a hit in May as consumers cut back spending
New figures by the Office for National Statistics (ONS) have shown a drop of 2.7 percent in retail sales volumes during May, representing the largest monthly fall since December 2023. The decrease comes after a more promising April, in which volumes rose 1.2 percent. Sales were also down by 2.7 percent compared with pre-Covid levels in February 2020, and thus reached their lowest level since December 2024. In contrast, over the three months to May, volumes increased marginally by 0.8 percent when compared with the three months to February 2025. When compared to the same period last year, sales were up 1.7 percent. While food sales took the largest hit at 5 percent, non-food stores saw sales volumes drop by 1.4 percent over the month, mainly due to a decline in clothing and household goods sales. Textile clothing and footwear stores reported a decrease in sales volumes of almost 2 percent. This was even more significant online, where monthly sales dropped by just over 3 percent for such stores. This was compared to an overall 1 percent drop in online spending values over the month to May 2025. In a statement to FashionUnited, Matt Jeffers, MD, retail strategy and consulting at Accenture, said 'retail sales suffered as consumers continued to feel the squeeze from rising household bills and an extended period of cost-of-living pressure'. Jeffers continued: 'While improving consumer confidence offered a glimmer of hope, that sentiment didn't translate into spending and sales were the lowest in months, with food hit particularly hard. Fashion, household goods and big-ticket purchases all saw weaker performance, with many households opting to cut back or trade down. 'Some of May's softness likely reflects summer purchases brought forward into April, when Easter and spring bank holidays coincided with exceptionally sunny weather. But recent cybersecurity issues faced by a number of retailers will also have had an impact, disrupting stock availability.'
Yahoo
28-03-2025
- Business
- Yahoo
Strong retail sales growth in February point to "green shoots" in the economy
Nervous investors piling into the safe haven of gold jewellery 'in uncertain times' helped give a welcome boost retail sales last month, according to latest official figures. Retail sales volumes rose by a better than expected 1% in February following a surge of 1.4% in January, according to the Office for National Statistics (ONS). Strong trading in the build up to Valentine's Day on February 14 is also thought to have helped the high street. A second month of robust retail sales will raise hope in Government that rising real incomes are starting to persuade consumers to spend again, helping to kick-start economic growth. Separate ONS figures showed consumers' real incomes surged 1.9% in the fourth quarter and 4.2% over 2024 as a whole the fastest growth in nine years. The figures show supermarket sales volumes fell back following a strong rise in January but other categories of shops doing well. Sales volumes rose by 0.3% over the three months to February and by 2.0% when compared with the three months to February 2024. But volumes were down by 0.4%, compared with their pre-pandemic level in February 2020. Sales at non-food stores rose by a healthy 3.1% over the month to their highest level since March 2022. Household goods stores rose by 6.8%, their largest monthly rise since April 2021, with hardware stores having the largest upward contribution. Watch and jewellery stores grew strongly over the month with retailers reporting 'increased demand for gold because of wider economic uncertainty. ' Clothing store volumes also rose in February 2025, as retailers slashed prices, but did not fully recover from a heavy 2.7% fall in January. Matt Jeffers, retail strategy and consulting managing director for Accenture in the UK & Ireland said: "Retailers felt the love in February, as Valentine's Day helped push sales up for a second consecutive month. 'Non food stores, including jewellery, clothing and hardware stores rose strongly, while food volumes bucked the trend and fell over the month. ' Charlie Huggins, manager of the Quality Shares Portfolio at Wealth Club said: "Retail sales volumes came in better than expected in February. The trends from last month effectively reversed with food sales falling after a very strong January and non-food categories rebounding following last month's weakness. 'These figures, along with yesterday's better-than-expected results from retail bellwether Next, indicate that consumers are still feeling confident enough to spend despite the gloomy economic headlines. However, in order to get consumers to part with their cash, retailers are having to work harder than ever before. This means increased levels of discounting - a good way to drive sales in the short term, but not necessarily great for profit margins."
