Retail sales down by record 5.1% in March due to lockdown: study
A “sharp correction” in April is expected.
U.K. retail sales volume unexpectedly plunged the most on record in March, when coronavirus-related shutdowns took effect.
According to a recent report published by S&P Global Market Intelligence, retail sales slid 5.1% in the month following a 0.3% decline in February, as many “nonessential” stores shut down following a government decree.
This was higher than the consensus estimate of economists polled by Econoday, which was at 3.5%.
Sales at clothing stores slumped 34.8%, whilst food stores and non-store retailing were the only sectors to experience growth in the month, with sales at food stores climbing 10.4% and non-store retailing growing 5.9%.
"The sharp monthly rise in food retail likely reflects the stockpiling ahead of the lockdowns," Kallum Pickering, senior economist at Berenberg, said in a note. "Expect a sharp correction in April."]
Online sales rose 8.3% and comprised a record high of 22.3% of all retailing in March. In value terms, retail sales fell 5.7% over the prior month.
On an annual basis, retail sales volume fell by 5.8% whilst retail sales value dropped 6.0% in March.
