UK retail sales delivered a sharp downside shock in October, falling –1.1% mom, well below expectations of a modest 0.1% increase. It was the first monthly decline since May and reflected broad weakness across supermarkets, clothing, and online retailers.
Some retailers suggested that consumers deliberately postponed purchases in anticipation of Black Friday promotions, magnifying the pullback at a time when household budgets remain stretched by high interest rates and inflation.
Despite the poor monthly reading, retail sales in the three months to October were still up 1.1% compared with the prior three-month period.
