UK Shoppers Increase Spending in September
UK retail sales rose 0.5% in September, exceeding expectations. This increase marks a continuation of the summer's momentum, with August's reading revised upward to 0.6% from the initial 0.4% estimate.
Online sales climbed for the eighth consecutive month, indicating improved consumer confidence. Annual growth in retail sales accelerated to 1.5%, suggesting that British consumers are regaining their spending power after months of pressure from elevated living costs.
The improvement in retail sales comes despite ongoing economic uncertainties and provides a welcome boost ahead of the crucial Christmas trading period. The figures represent a notable shift in consumer behaviour, with households appearing more willing to make discretionary purchases.
This suggests the squeeze on real incomes may finally be easing as wage growth outpaces inflation.
Author's summary: UK retail sales rose 0.5% in September, beating expectations.
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