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UK Shop Sales Slow as Consumers Shift Spending Toward Essentials
- Rising prices mask underlying drop in sales volumes in October
- Consumers delay buying winter clothes while mild weather lasts
Inflation rising at a 40-year-high of 10.1%.
Photographer: Dominic Lipinski/BloombergThis article is for subscribers only.
UK retailers said sales growth slowed in October as a surge in prices pushed more consumers to focus on essentials instead of new clothing and household accessories.
The British Retail Consortium said like-for-like sales in shops fell to 1.2% last month from 1.8% in September. Surging inflation means consumers are paying more to buy less, meaning retailers are moving lower volumes of merchandise at higher prices.