UK retail sales are back to pre-pandemic levels after picking up last month, official figures show.
Retail sales volumes increased by 1.2% in February 2023, following a rise of 0.9% in January 2023, the Office for National Statistics (ONS) said.
The monthly growth was driven by discount department stores and clothing stores, as well as second-hand goods stores such as auction houses and charity shops.
Sales volumes were still 3.5% lower than a year ago, and were also down 0.3% in the three months to February when compared with the previous three-month period.
“The broader picture remains more subdued with retail sales showing little real growth, particularly over the last 18 months with price rises hitting consumer spending power,” explained ONS director of economic statistics, Darren Morgan.
Measured by value (amount spent), retail sales increased by 6.3% year-on-year in February, although this growth was mainly due to rising prices.
“Looking at the latest retail sales figures you might be forgiven for wondering if Britain really is in the middle of a cost-of-living crisis,” commented Danni Hewson, head of financial analysis at AJ Bell, as quoted by BBC News.
“But pop the hood and the reality is laid bare… people are hunting out bargains whether they’re found in the sales aisles being well-stocked by department stores, or in charity shops or other second-hand emporiums.”
