Annual Retail Sales Grows To 6.3% Despite Economic Crisis
Retailers may be concerned about business as the cost-of-living crisis continues, but recent figures have shown sales growth has risen to 6.3 per cent.
According to recent data from the Office for National Statistics (ONS), annual retail sales by value in March 2023 was the highest it has been since the same month last year.
This is despite retail sales by volume falling by 3.3 per cent year-on-year, which shows the positive figures are the result of rising prices and not customers shopping more.
Commenting on the data, chief executive of the British Retail Consortium (BRC) Helen Dickinson stated: “Rising inflation meant that sales volumes remained firmly in the red.”
“Despite the ongoing cost of living squeeze, customers were still ready to spend on what they needed,” she went on to say.
Ms Dickinson said retailers could do more to encourage shoppers through their doors, as they are likely to be wary of spending a lot in the coming months, due to the end of the Energy Bill Support scheme in April.
She also urged the government to avoid implementing any extra regulatory burdens on businesses as this could mean they have to push their prices up further, which would add pressure on consumers.
Shops can tempt more customers to come in by putting their best offers and products on display in their frameless shopfront glazing. This would highlight their premium goods that shoppers may not be able to resist.