Daily Newsletter

25 September 2023

Daily Newsletter

25 September 2023

ONS says UK retail sales rose by 0.4% in August 2023

Sales volumes in the UK rose by 0.3% in the three months to August.

Jangoulun Singsit September 22 2023

UK retail sales volumes have grown by 0.4% in August 2023 after declining 1.1% in the previous month, according to data provided by the Office for National Statistics (ONS).

During the month, sales volumes for food stores were up by 1.2% after a 2.6% drop in July 2023. However, it is still 4.1% behind pre-coronavirus February 2020 levels.

Sales volumes for non-food stores, which comprises department, clothing, household and others, increased by 0.6% in August, after a decline of 1.2% in the previous month.

The figures revealed that sales volumes for clothing and household goods stores rose by 2.3% and 1.1%, respectively, in the month.

Meanwhile, sales volumes for department stores and other non-food stores both declined by 0.4% in the month.

Non-store retailing, which predominantly includes online retailers, reported a sales volume decline of 1.3% in August 2023 after increasing by 1.9% in the previous month.

Based on feedback from online retailers, ONS said that July "sales were boosted by the wet weather and a range of promotions."

In addition, the percentage of retail sales fulfilled online dropped to 26.9% in August compared with 27.4% in July.

During the month, automotive fuel sales volumes decreased by 1.2%, with retailers attributing the drop to a sharp increase in petrol and diesel prices.

In the three months to August, sales volumes in the UK rose by 0.3% compared with the previous three months.

Earlier this month, data from the British Retail Consortium (BRC)-KPMG Retail Sales Monitor revealed that total retail sales in the UK have grown by 4.1% in August 2023.

Traditional AI is here to stay in the retail and apparel space

Initially, retailers used AI for basic tasks, including inventory management and demand forecasting. However, its usage has now become more prevalent in other aspects such as personalized marketing, customer service, pricing optimization, and supply chain management. With the rise of ecommerce and the increasing importance of data-driven decision-making, AI adoption in retail and apparel has accelerated. The industry now relies on AI to enhance the shopping experience, optimize business operations, and gain an overall competitive edge.

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