UK - British Retail Consortium (BRC) total sales in October, weakest growth since July

British Retail Consortium (BRC) total sales in October +0.6% y/y, weakest growth since Julyprior (September) +2.0%like-for-like sales +0.3% y/y (prior +1.7%)Barclaycard UK October consumer spending +0.7% y/y, also the weakest growth since Julyprior +1.2%prior +2.0% From the reports, in brief:Factors like budget uncertainty, delayed purchases until Black Friday, and a later half-term break impacted sales.The October 30 budget mostly targeted businesses for tax hikes, sparing many households from increased wage taxes, which may boost consumer confidence.A 10% increase in the household energy price cap added pressure on consumers.Essential spending dropped 2.2%, led by supermarkets, while non-essential spending rose 2.1%, driven by concert ticket sales.Despite earlier concerns, easing inflation and improved confidence suggest potential for spending growth.Note, the Bank of England meets on Thursday is expected to reduce borrowing costs, eyeing falling inflationary pressures This article was written by Eamonn Sheridan at www.forexlive.com.

Nov 5, 2024 - 07:00
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UK - British Retail Consortium (BRC) total sales in October, weakest growth since July

British Retail Consortium (BRC) total sales in October +0.6% y/y, weakest growth since July

  • prior (September) +2.0%
  • like-for-like sales +0.3% y/y (prior +1.7%)

Barclaycard UK October consumer spending +0.7% y/y, also the weakest growth since July

  • prior +1.2%
  • prior +2.0%

From the reports, in brief:

  • Factors like budget uncertainty, delayed purchases until Black Friday, and a later half-term break impacted sales.
  • The October 30 budget mostly targeted businesses for tax hikes, sparing many households from increased wage taxes, which may boost consumer confidence.
  • A 10% increase in the household energy price cap added pressure on consumers.
  • Essential spending dropped 2.2%, led by supermarkets, while non-essential spending rose 2.1%, driven by concert ticket sales.
  • Despite earlier concerns, easing inflation and improved confidence suggest potential for spending growth.

Note, the Bank of England meets on Thursday

  • is expected to reduce borrowing costs, eyeing falling inflationary pressures
This article was written by Eamonn Sheridan at www.forexlive.com.
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