Retail sales fell in October as Budget fears hit spending

Published On Nov 22, 2024, 2:25 AM

Retail sales in the UK unexpectedly fell by 0.7% in October as consumers were hesitant to spend ahead of the Budget announcement. Clothing stores faced a significant decrease in sales of 3.1%, partly due to milder weather causing delays in purchasing winter attire. Despite this drop, the overall trend showed a 0.8% increase in sales volumes from August to October compared to the previous three months. Experts suggest that recent actions, such as the Budget and declining interest rates, could improve consumer confidence and boost spending as the holiday season approaches.