Earlier today the office for national statistics (ONS) realised the first estimate of retail sales in volume and value terms, seasonally and non-seasonally. Here is what COO of Flubit.com, Steph Fiala has to say…
“Yet another report showing exceptional growth for the UK retail sector, a trend that we’ve been seeing for the last 3 years. As we’re entering Q4 of 2016 we’ve seen an acceleration of this growth. Quantity of goods bought is up by 7.4% from last year (as opposed to 4.1% growth seen between September 2015 and 2016). The amount spent has also risen showing a 6.6% between October this year and last (compared to a 2.9% increase between September this year and year).
“Prices fell by 0.7% following the trend we’ve seen over the last 28 consecutive months.
“What is astonishing is the increase of amount spent online. In September we saw a 22% percent growth on last year and yet in October that figure has been exceeded showing a 26.8% percent growth.
“Average weekly spend has moved from £7.2b in October 2015 (a year ago) and £7.2b in September 2016 (a month ago) to £7.7b in October – showing a promising increase as we hit the 2016 Christmas season. £1b of this has been online which is a 26.8% increase on last October. Online spending is accounting for 15.2% of retail spending.
“Whilst food stores are pushing much of the growth, we are seeing all sectors consistently growing in year on year volume. With non-store seeing the most astonishing growth over the last 5years or so.
“October has seen the highest rate of retail growth since May 2002 showing a strong UK retail market with no current signs of slow-down.”