Great news for retailers as sales in the UK experienced a surprise growth in February, rising by 0.7% rather than the anticipated 0.4%, leaving retailers with a spring in their step. Consumers were left even more content in February with average store prices falling for the 8th consecutive month and the largest year on year fall in prices since records began.
Retailers can be pleased that year on year sales are continuing in a positive fashion with the amount bought in retail growing at 5.7% compared to February 2014, making it the 23rd consecutive month of year on year growth.
According to the Guardian “sales grew across all types of stores last month but the biggest contribution to growth came from non-food shops such as department stores, suggesting that people were more willing to splash out on non essential items”. Showing that the economy appears to be improving with both retailers and consumers prospering.
Even though the value of UK online sales decreased by 2.3% compared to January 2015, the number of actual online sales increased by 10.1% year on year. Showing retailers are becoming even more in tune with the need for multi-channel selling in order to successfully satisfy and supply the demand for the modern consumer.
Better use of multi-channel strategies are providing a seamless customer experience across all channels. With the very best retailers really taking advantage and growing their business. Capability to connect with customers across many channels ensures that retailers interact better with customers on a more personal level.
CBI director for economics Rain Newton-Smith said “The outlook ahead is looking bright (for retailers and consumers), with household incomes buoyed by zero inflation and improving pay packets, which will continue to encourage spending”.
Full details of the report can be found at the Office for National Statistics.