UK Retail Sales Decline by 0.7% in October

UK retail sales fell by 0.7% in October, marking the first decline in three months, as consumers tightened spending ahead of the new government's budget announcement. This drop was more significant than anticipated, with September's growth revised down to just 0.1%. Clothing stores experienced the steepest decline at 3.1%, contributing to a broader trend of low consumer confidence amidst economic uncertainties. Retailers are hopeful for improved consumer spending during the upcoming holiday shopping season, despite the challenges posed by increased costs and cautious consumer behavior. The overall sales volumes rose by 2.4% year-on-year, but the latest figures reflect growing economic concerns in the run-up to the budget on October 30. Analysts anticipate that any pent-up demand could lead to a more favorable retail environment in November and December, despite the current downturn.