2022-04-23-莱坊-UK_Retail_Sales_Dashboard_March_2022_1页_366kb

Retail Sales Performance Summary

Key Highlights from Recent Data

• Retail sales continued to show strong recovery in March, with value year-on-year growth of +6.7% and quarterly growth of +10.1% in Q1 2022. Limited evidence suggests no significant consumer squeeze.
• Food sector was the primary drag on sales, recording -4.3% YoY growth, while non-food categories performed well with +29.5% YoY growth.
• Specific sub-sectors varied: Carpets showed remarkable growth (137.3% YoY comparison to previous year), while DIY experienced a decline (-16.3% YoY).
• Online sales continue to face challenges, with YoY growth in values falling -21.8%. Overall volume softened by +3.5% in the last three months, but value sales surged to +10.1% YoY.
• Data sources include Knight Frank, ONS, Oxford Economics, and Macrobond, noting seasonal adjustments and comparisons to 2021–2022 periods.

Growth Context

• While some categories rebounded sharply, others faced tough comparisons, affecting overall performance. For instance, food's drag offset gains in non-food categories.
• Retail sales align positively with broader economic indicators like GDP growth, which improved from -1.2% in early 2022 to 0.9% in the latest quarter. Prolonged trends in online penetration and sales volumes highlight ongoing structural shifts.