PwC comments on Feb 2024 ONS retail sales figures

Commenting on the Office of National Statistics retail sales index for February 2025, Jacqueline Windsor, Head of Retail at PwC UK: 

"February’s retail sales figures continued the bounceback experienced at the start of the year, with overall sales excluding petrol growing by 2.2% compared with last year in volume terms, or the equivalent of a 3.0% increase in pound notes in the till."

"Although grocery sales slowed despite the benefits of Valentine’s Day and half term holidays, almost every other category saw modest sales increases, with fashion in particular responding to the widespread discounting reported by ONS in its inflation figures earlier in the week."

"Online sales also grew, with penetration increasing to 26.5%, higher than both last month and last February. This reflects not only the cold and wet weather at the start of last month discouraging shoppers from the high street, but also the slow but steady long-term trend towards online shopping that we found in our store openings and closures research launched earlier this month."

"However, despite the green shoots that February’s retail sales data represents, it is not typically a significant month for retailers and compares against a weak February last year. Overall, it’s clear that consumer confidence remains fragile and that is translating into subdued demand."

"Looking ahead, March will not be helped by the later timing of Easter this year, while April sees a wave of cost increases including National Living Wage, National Insurance and business rates. With no respite announced in the Chancellor’s Spring Statement, retailers will be hoping that at least some of the extra pounds in shoppers’ pockets gets spent in stores."