Bad weather and an early Easter has seen sales dip below average when compared to previous years, according to the March 2016 Retail Sales statistics, released yesterday.
The key findings from the Retail Statistics showed:
- Compared with February 2016, the quantity bought in the retail industry is estimated to have decreased by 1.3%.
- Average store prices (including petrol stations) fell by 3.0% in March 2016 compared with March 2015, the 21st consecutive month of year-on-year price falls.
- The amount spent in the retail industry decreased by 0.1% compared with March 2015 and decreased by 1.3% compared with February 2016.
- The value of online sales increased by 8.9% in March 2016 compared with March 2015 and decreased by 0.5% compared with February 2016.
Retailers were no doubt banking on the early fall of Mother's Day and Easter holidays for a chance to pull through a disappointing start to 2016. But, whilst the changeable weather has kept the 'Spring' from the high street's step, customers are still choosing to shop online.
UK accountancy firm Wilkins Kennedy's head of retail and wholesale Phil Mullis commented: "The continuing war on price has seen volumes of sales increase, but that's only because we buy more and spend the same.
"It's surprising that that sales dropped compared to February 2016 as we should have benefitted from a couple of sales spikes with Mother's Day and Easter, although online growth continues. 13.2% of all retail sales are online in March 2016 compared to 12.1% in March 2015, so retailers must continue to invest in their digital offering.
"Hopefully, April showers will not see retailers suffer from further poor sales figures."