Retail sales volumes up 3.9% year-on-year in May
Retail sales volumes grew by 3.9% year-on-year in May according to figures released by the Office for National Statistics. However, retail sales volumes fell 0.5% compared with April 2014.
All three main retail sectors – food stores, non-food stores and non-store retailing – saw year-on-year increases. The largest contribution came from the non-food stores sector with growth of 2.6% while food stores saw growth of 0.4%.
In May 2014, the amount spent in the retail industry increased by 3.2% compared with May 2013. However, on the month the amount spent decreased by 0.5% compared with April 2014. Non-seasonally adjusted data shows that the average weekly spend in the retail industry in May 2014 was £7 billion, compared with £6.8 billion in May 2013 and £7 billion in April 2014.
The ONS figures also reveal that the amount spent online increased by 15.1% in May 2014 compared with May 2013 and by 1.5% compared with April 2014.
Richard Lowe, head of retail and wholesale at Barclays, said: “May’s temperamental weather resulted in many people preferring to shop online to avoid the drizzle, with consumers splashing out on sporting goods in anticipation of the World Cup kicking off this month. Recent news that inflation has fallen to its lowest level in almost five years is a boon for retailers – another positive sign that will help bolster consumer spending power in the months ahead.”
