UK data: October BRC like-for-like retail sales +2.6% y/y (vs. expected +2.4%)

British Retail Consortium data for October 2023.

Like-for-like sales data strips out the impact of changes in store size.

+2.6% y/y

• expected +2.4%, prior +2.8%

Total sales +2.5% y/y (three month low)

• 2.7% in September
• “Many houseolds are also delaying their Christmas spending
  in the hopes they can grab a bargain in the upcoming Black
  Friday sales,” BRC chief executive Helen Dickinson said.

Separate data from Barclaycard:

• spending on its debit and credit cards +2.6% y/y (smallest annual increase since September 2022)
• prior 4.2%
• “Brits cut back on non-essential categories such as clothing and restaurants in October, as thoughts turned to saving for Christmas and budgeting for winter fuel bills. The unseasonably warm weather also hampered spending on indoor experiences,” said Esme Harwood, a director at Barclays.
• Barclays said 37% of households expected to spend less on
  Christmas this year due to higher day-to-day bills, while 13%
  planned to spend more