- Retail sales -1.3% vs -0.6% m/m expected
- Prior +0.7%; revised to +0.6%
- Retail sales 0.0% vs +1.3% y/y expected
- Prior +1.7%; revised to +1.4%
- Retail sales (ex autos, fuel) -0.4% vs -0.3% m/m expected
- Prior +0.2%; revised to +0.1%
- Retail sales (ex autos, fuel) +1.1% vs +1.5% y/y expected
- Prior +1.7%; revised to +1.5%
Well, the negative impact stirred up by the Middle East conflict is starting to make its mark now. The biggest drop dragging down retail sales for the month comes from automotive fuel sales (-10.2%). But even when you strip that out, the overall picture is still a poor one with marked declines seen in sales for textile, clothing, footwear (-2.4%) and non-store retailing (-2.0%).
Retail sales volumes are now seen 1.7% lower compared with their pre-pandemic levels from February 2020.
And mind you, the caveat to this report is that it included the both Good Friday and Easter Monday seasonal adjustments - with the latter especially being accounted for in this report only.
ONS notes that "fuel volumes fell in April as some retailers suggested that motorists were conserving fuel" while clothing and non-store retailers attributed lower sales to "variable weather and lower demand".
All in all, higher prices are starting to bite and will continue to weigh further on household demand conditions in the months ahead. That especially as energy prices continue to hold higher and we also start to see businesses needing to raise charges to consumers amid surging cost pressures. Tough times.
