BRC: Retail Sales 'Fall' Before Christmas Rush

Retail sales have grown at their slowest pace for almost a year as shoppers stick to buying only essential items, according to new research.

Like-for-like sales were down 0.1% in October, compared with the same period last year, a study by the British Retail Consortium (BRC) and professional services group KPMG showed.

Meanwhile, total sales were up 1.1%, against a 1.5% rise the year before - the slowest growth in total sales, excluding Easter, since November 2011.

It follows a surprise hike in September when like-for-like sales were up 1.5% and total sales were up 3.4%, which the BRC's director general described a "something of a false dawn".

"October's poor performance wasn't a one off," Stephen Robertson said.

"Year-to-date average growth hasn't outpaced inflation meaning overall sales volumes going backwards."

October's online sales were especially poor, he said, adding that the last three months include the two weakest growth rates recorded in four years.

"Falling consumer confidence means people are limiting spending to essential items and are cautious about committing to big-ticket and discretionary buying," he said.

"This underwhelming showing means there's all to play for as Christmas approaches."

KPMG's head of retail, David McCorquodale, said that although official figures last month showed the UK was out of recession, consumer confidence has not yet bounced back.

"Retailers are holding less stock than a year ago and may choose to be cautious with pre-Christmas sales in order to protect margins," he added

"However, the disappointing sales figures for October indicate that winning share of the Christmas wallet will be just as competitive over the next two months as it was last year."

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