Brits stocking up on gold helped retailers claw back ground last month, it was revealed today.
Official figures showed retail sales surging 0.5 per cent in September, while the August increase was revised up to 0.6 per cent.
The showing was more robust than expected and offset falls from earlier in the year, taking volumes to the highest point since 2022.
However, analysts warned of tougher times to come with Rachel Reeves poised to deliver another tax-raising Budget.
The ONS said that strong demand for gold from online jewellers was a significant factor in the rise, while clothing retailers also performed well.
The release of the iPhone 17 was also credited with boosting tech sales.
Official figures showed retail sales surging 0.5 per cent in September, while the August increase was revised up to 0.6 per cent
The ONS said that strong demand for gold from online jewellers was a significant factor in the rise, while clothing retailers also performed well
Senior statistician Hannah Finselbach said: ‘Retail sales rose quite strongly in the latest quarter and were at their highest level since summer 2022.
‘Although food stores saw very little growth, good weather in July and August boosted sales of clothing, while online retailing also did well.
‘Retail sales also grew over the month of September, with tech stores seeing a notable rise in sales, while online jewellers reported strong demand for gold.’
Phil Monkhouse, UK Country Manager at global financial services firm Ebury, said ‘back-to-school purchases and the shift into autumn’ had helped drive spending.
‘However, sticky inflation coupled with growing nervousness around potential tax rises in the Autumn Budget, are weighing on both consumer and business confidence,’ he said.
‘Many retailers are already contending with higher costs from the tax changes introduced in April, and any additional fiscal tightening could further strain consumer spending and retailer margins, making for a challenging festive season.’
Analysts warned of tougher times to come with Rachel Reeves poised to deliver another tax-raising Budget
