Retail sales held up better than expected in February as Total UK figures were up 5.2 per cent against an increase of 6.7 per cent for the same month last year.
In addition, UK Like-for-Like retail sales bumped up 4.9 per cent in February, against an increase of 2.7 per cent in 2022.
This is according to the British Retail Consortium (BRC) and KPMG’s latest Retail Sales Monitor (RSM), which also reported that non-food sales were up 3.2 per cent over the three-months to February.
Of this, in the same period, instore non-food sales increased 8.1 per cent on a total basis, while online non-food sales decreased by 3.1 per cent in February, against a decline of 28.4 per cent in 2022!
And more specifically, footwear sales were up last month – although not as much as February 2022, the RSM showed. Online, growth remained steady and it was the second-best performing category – the same as January and February 22.
BRC Chief Executive, Helen Dickinson, said: “Retail sales held up better than expected this February, though volumes remained down on last year. While the cost-of-living crisis has made customers increasingly price sensitive, the rush for warm coats and boots subsided as the January sales splurge satisfied customer appetite.”
Paul Martin, UK Head of Retail at KPMG, added: “Consumers are continuing to hold back on non-essential spending with sales of clothing, footwear and accessories, which have been very influential in spending for many months, continuing to decline in February.
“As much of the growth in retail is being driven by inflation, price and promotional strategies have become increasingly important growth engines for retailers. Online retailers will also have to review their business models, and there are likely to be some failures in this space, particularly among the businesses that are currently over-valued following the surge in demand during the pandemic which has now decelerated.”
