2024-11-12-莱坊-UK_Retail_Sales_Dashboard_September_2024_2页_553kb

UK Retail Sales Dashboard Summary - September 2024

Core Content Overview

This document provides a monthly overview of UK retail sales performance for September 2024, highlighting key metrics such as sales value and volume growth, as well as the performance of core sub-sectors and e-commerce.

Key Figures

• Sales Value Growth (Year-on-Year, Seasonally Adjusted, Excluding Fuel):
  +3.6% compared to September 2023.

  • This is the best monthly performance since January 2024.

• Sales Volume Growth (Year-on-Year, Seasonally Adjusted, Excluding Fuel):
  +4.0% compared to September 2023.

  • Healthy volume growth outstripped value growth, leading to deflation.

• Sales Value Growth (Including Fuel):
  +2.6% compared to September 2023.

• Sales Volume Growth (Including Fuel):
  +3.9% compared to September 2023.

• Most Recent 3 Months YoY Growth:

  • Sales Value: +2.8%
  • Sales Volume: +2.6%

Quarterly Performance (vs. GDP)

• Retail sales volumes and values showed positive growth in the most recent quarter (Q3 2024), outperforming the GDP growth rate for the same period.

Sub-Sector Performance

• Non-Food Sales:

  • Values grew by +6.8% (seasonally adjusted, YoY).
  • Volumes increased by +7.8% (seasonally adjusted, YoY).
  • Non-food sales were the main driver of deflation.

• Clothing Sales:

  • Achieved its best performance in over a year, with values up +2.6% and volumes up +1.7%.
  • No significant price reductions were needed, indicating strong underlying demand.

• Food Sales:

  • Values declined by -0.3% (seasonally adjusted, YoY).
  • Volumes fell by -1.4% (seasonally adjusted, YoY).
  • The food sector remained inflationary, despite weak growth.

E-Commerce Trends

• The e-commerce share of retail spend increased slightly in September 2024, continuing a steady rise throughout the year.
• E-commerce Share of Retail Spend (Seasonally Adjusted):
  • January: 25.8%
  • February: 26.1%
  • March: 26.4%
  • April: 26.8%
  • May: 27.6%
  • June: 27.5%
  • July: 27.9%
  • August: 27.5%
  • September: 27.7%

Key Messages

• September 2024 was a significant month for retail, marked by strong underlying demand and serving as a gateway to the festive Q4 period.
• Despite the positive sales value growth, deflation was observed due to the stronger volume growth and price discounts.
• Non-food categories outperformed, with notable growth in both values and volumes.
• Clothing showed strong performance without relying on heavy discounts.
• Food growth was weak, and the sector remained inflationary.
• E-commerce continued to grow in share, reflecting ongoing consumer shift to online shopping.

Contact Information

• Stephen Springham
  Partner, Head of Retail Research
  Email: stephen.springham@knightfrank.com
  Phone: +442078611236

• Emma Barnstable
  Associate, Commercial Research
  Email: emma.barnstable@knightfrank.com
  Phone: +44 20 8106 1385

Additional Resources

• Keep up to date with retail markets through quarterly dashboards and weekly Retail Notes.
• Sign up for regular updates and insights.

Disclaimer

• This presentation is for general information only and not to be relied upon in any way.
• Knight Frank LLP accepts no responsibility or liability for any loss or damage resulting from its use.
• Reproduction of this material is not allowed without prior written approval.
• Knight Frank LLP is a limited liability partnership registered in England with number OC305934.
• Registered office: 55 Baker Street, London, WU8 8AN.