A fall in sales in October does not bode well for the retail industry
Comments from the e-commerce marketing platform, Omnisend, following the latest retail sales data from the ONS.
26 November 2024
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Following the latest retail sales data from the ONS, Greg Zakowicz, senior e-commerce expert at Omnisend, comments: “A fall in sales in October does not bode well for the retail industry, as this month typically marks the start of the festive shopping season. Retailers large and small will be looking at today’s figures and hoping that it is not a sign of things to come. “Uncertainties around the Autumn Budget and how this could affect disposable income have been cited as reasons for the fall, but that would only be a temporary hiccup. Sales in the three months to October were still up, so it’s not all bad news for retailers today.“Amazon launched a second Prime Day shopping event which took place in October this year and while these usually prove popular for the e-commerce giant, most consumers will be holding off until Black Friday to part with their cash. “The trend of ‘Christmas creep’ could help bolster the retail industry in November, with many Black Friday sales lasting throughout the month. “Affordability concerns will linger this Christmas, with our findings showing that while over a quarter of Brits plan to spend more on gifts this year, 37% of Brits plan to spend less than they did in 2023. “We’re seeing a rise in self-gifting, with our research concluding that nearly half of Brits are using Black Friday to buy treats for themselves. While budgets might be slashed on gift-giving, it doesn’t reflect on spending overall.“Small businesses are feeling the squeeze more than larger e-commerce sites such as Amazon, which is recording strong growth. There is also a lot of speculation about how the changes to National Insurance will affect the retail sector.“The British public has solidarity with small businesses, despite the tempting bargains being offered by shopping giants. Our data shows that two-thirds say they shop at smaller, independent retailers because they feel good about supporting them. “The final months of the year are the most crucial for the industry, and while household budgets are still squeezed, we are cautiously optimistic that Christmas will fare better for retailers than last year.”
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