Comment on the latest Office of National Statistics (ONS) retail sales figures for the month of February
Paul Martin, UK Head of Retail at KPMG, said:
“Retailers seemed to be feeling the love last month as consumers loosened January’s tightened purse strings leading to sales exceeding expectations for February. Household goods performed particularly well and even food sales made it back into the black after a trying time at the start of the year.
“However, despite the strong month-on-month pick up, over the three months to February, retailers witnessed the biggest slide in quantity sold since 2010. Store prices were also up an average of 2.8% across the board over the last 12 months, with fuel prices in particular increasing significantly due to the weakened sterling.
"While the February figures are encouraging, price increases coupled with other inflationary pressures mean we may well start to see consumers’ disposable income squeezed sooner rather than later.”
For media enquiries, please contact:
Jess Liebmann, KPMG Corporate Communications
T: 0207 311 3245
M: 07551 135778
KPMG Press Office
T: +44 (0) 207 694 8773
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 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.
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.