29 May 2024, 13:04
By Furniture News Mar 08, 2022

Sales continue to grow in February

Total retail sales increased by +6.7% in February, against an increase of 1.0% in February 2021, report BRC-KPMG in their latest Retail Sales Monitor. On a two-year basis, total retail sales grew by +4.9% (Yo2Y).

UK retail (offline) sales increased +2.7% YoY on a LFL basis.

Online non-food sales decreased by -28.4% during February, compared with growth of +82.2% February 2021. In a two-year comparison, online non-food sales increased by +26.9% (Yo2Y) in February. 

The penetration rate of non-food products online decreased to 40.8% in February from 65.4% in February 2021.

BRC chief executive Helen Dickinson OBE says: “February saw continued sales growth, although dampened by Storm Eunice and falling consumer confidence. Traditional try-before-you-buy products, like furniture and home accessories, as well as fashion and jewellery, continued to be the high flyers as more people returned to stores.

"While online sales remained down on last year, the new spending habits driven by the pandemic have settled into a new normal, particularly for non-food, with four in every 10 pounds now spent online, compared to three in every 10 before the pandemic. Retail has driven five years’ of digital transformation in 24 tumultuous months."

These sales figures are not adjusted for inflation. Given that both the February SPI (BRC) and January CPI (ONS) show inflation running at historically high levels, a portion of the sales growth will reflect rising prices rather than increased volumes.

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