Furniture retail sales increased during June on last month but were down against an annual comparison.
According to the latest data from the Office for National Statistics, furniture and lighting retail sales rose 18.1% to £1.37bn from £1.16bn in May. Compared to the previous year, sales were down 13.8% from £1.59bn.
Floorcovering retail sales increased month-on-month, up by 24% to £270.7m from £218.2m. Compared to the same time last year, sales also rose by 11.9% from £241.8m.
Retail sales volumes (quantity bought) are estimated to have fallen by 1.2% in June 2024, following a rise of 2.9% in May 2024 (unrevised from our last publication). As for the value (amount spent), this was up 21% month-on-month to £48.8bn.
Non-food stores sales volumes (the total of department, clothing, household, and other non-food stores) fell by 2.1% in June 2024. This follows a rise of 3.3% in May 2024. All sub-sectors fell over the month, with strong downward contributions from department stores, clothing and footwear retailers, and furniture stores. Retailers suggested election uncertainty, poor weather, and low footfall affected sales. When comparing Quarter 2 (Apr to June) 2024 with Quarter 1 (Jan to Mar) 2024, non-food stores sales volumes fell by 0.5%.
The amount spent online, known as “online spending values”, fell by 2.7% during June 2024, but rose by 2.3%, compared with June 2023. As total spend, the sum of in-store and online sales, fell by 1.3% over the month, the proportion of sales being made online decreased from 27.5% in May 2024 (revised from 27.2%) to 27.1% in June 2024.
Commenting on the retail sales figures for June and Q2, ONS Chief Economist Grant Fitzner said: “Retail sales fell back from May’s recent high point with falls across all main shop types, with the exception of petrol stations. Department stores, clothing shops and furniture stores were the biggest contributions to the fall.
“Across the second quarter as a whole, retail fell very slightly with notable falls in supermarket and clothing store sales, partially offset by growth in online stores.”
Responding to the latest ONS Retail Sales Index figures, Kris Hamer, Director of Insight at the British Retail Consortium, said: “It has been a gloomy start to Summer spending. Sales volumes declined in June, falling for the fourth time in six months due to the colder than usual June and high costs for households. Categories sensitive to weather, such as clothing performed particularly poorly. Some electronic categories had a better month due to consumers replacing their pandemic purchases, and sports aficionados upgraded their home entertainment systems to better experience the excitement of the Euros, Wimbledon, and upcoming Olympics. Books also sold well as consumers readied their summer reads for the holidays.
“With the summer social season nearly in full swing, and a new Government offering a fresh approach to the economy, retailers are hopeful that consumer confidence will improve, and spending will pick back up. The King’s speech laid the foundations for a more modern and dynamic British economy, and retailers look forward to working closely with Government to maximise the industry’s contribution. This includes greater investment in skills and training, and using reforms to planning laws to create thriving town and city centres.”
