Non-food sales plummet as consumers tighten belts amidst cost of living pressures
- Retail sales dropped by 0.9% in September
- Non-food stores sales volumes fell by 1.9% due to cost of living pressures
- Household goods store sales volumes decreased by 2.3%
- Food store sales volumes increased by 0.2%
- Non-store retailing (online) sales volumes dropped by 2.2%
- Total retail sales value up 17.1% compared to pre-pandemic levels, but volumes down 2.5%
- BRC calls for Chancellor to scrap planned business rate rise in upcoming Budget
Retail sales dropped by 0.9% in September, following a rise of 0.4% in August, according to the Office for National Statistics (ONS). Non-food stores saw a significant decline of 1.9%, with retailers attributing the fall to ongoing cost of living pressures and unseasonably warm weather affecting clothing sales volumes by 1.6%. Household goods stores experienced a monthly drop of 2.3% due to decreases in furniture and lighting sales. Food store sales increased by 0.2%, following a rise of 1.4% in August. In the quarterly picture, non-store retailing (online) sales volumes fell by 2.2%. Despite an overall 17.1% increase in value since pre-pandemic levels, retail volumes are down 2.5%. The British Retail Consortium (BRC) urges the Chancellor to scrap the planned £470m business rate rise in the upcoming Budget to support consumer confidence during the festive season.
Factuality Level: 8
Factuality Justification: The article provides accurate information about recent retail sales figures, including specifics on different categories of stores and their performance. It also includes relevant quotes from a source with expertise in the field. However, it does contain some minor repetition (e.g., mentioning that retailers are hoping for easing inflation twice). Overall, it is well-researched and objective.
Noise Level: 3
Noise Justification: The article provides relevant information about recent retail sales figures and includes quotes from a source that adds context and perspective. It also mentions potential future impacts on consumer behavior due to inflation and business rates. However, it does not contain any noise or filler content, exaggerated reporting, or irrelevant information.
Financial Relevance: Yes
Financial Markets Impacted: Retail sales figures impact the stock prices of retail companies, particularly those in non-food and online sectors.
Financial Rating Justification: The article discusses changes in retail sales volumes which can affect the financial performance of retail companies and their stocks.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
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