UK retail sales in October 2023 decline for 6th consecutive month

Retailers judged sales to be poor for the time of year at -10 per cent from 5 per cent in September. Sales volumes are expected to fall short of seasonal norms to an even greater extent next month, -21 per cent, according to the latest quarterly Confederation of British Industry (CBI) Distributive Trades Survey.

Orders placed upon suppliers continued to fall in the year to October, and at a faster rate than last month at -37 per cent from -19 per cent in September. Retailers expect to cut back sharply on orders again next month at -30 per cent.

Retailers reported stocks as ‘too high’ relative to expected sales in October at 27 per cent from 6 per cent in September. Stock positions are expected to soften somewhat next month at 19 per cent.

Online sales volumes fell at the fastest pace on record at -78 per cent from -3 per cent in September; question introduced in August 2009. Online sales are expected to contract again next month, but at a relatively slower rate at -45 per cent.

Elsewhere in the distribution sector, wholesale volumes fell more slowly in the year to October compared with the previous month at -15 per cent from -23 per cent in September, and are expected to contract at a broadly similar pace next month at -18 per cent.

ALCHEMPro News Desk (NB)