October retail sales soar, according to ONS figures

October retail sales soar, according to ONS figures

Online sales accounted for 15.2% of all retail spending in October.

1000

Also on KPMG.com

Commenting on October’s ONS retail sales figures, Paul Martin, UK head of retail at KPMG, said:

“Retail sales volumes in October soared by 7.4% on last year, the highest rate of growth seen in 14 years. Halloween and a U-turn in fashion sales prompted by colder weather are likely to be the biggest contributors behind the boost.

“Online sales accounted for 15.2% of all retail spending in October, up on last year, with one the biggest year-on-year growths seen in household goods stores selling furniture, lighting and other household appliances. It seems shoppers are turning their attention indoors in the run-up to Christmas and are increasingly more comfortable logging-on as opposed to hitting the high street in the colder weather.

“The latest figures note the smallest decrease in average store prices since July 2014 - hinting at the increased prices we are likely to see in the coming months, as retailers grapple with increased costs pressing on their margins in the current environment. The next two months will be critical for retailers, with Black Friday providing the next major opportunity to maintain the momentum of sales in the run-up to Christmas.”

-ENDS-


For further information please contact:

Simon Wilson, KPMG Corporate Communications

T: 0207 311 6651

M: 0778 537 3397

E: simon.wilson@kpmg.co.uk

KPMG Press Office

T: +44 (0) 207 694 8773

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

Connect with us

 

Request for proposal

 

Submit

KPMG’s new-look website

KPMG has launched a state of the art digital platform that enhances your experience and provides improved access to our content and our people, whatever device you are on.