Talking Retail Grocery and product news for independent retailers
Year on year, the quantity bought in the retail industry increased 5.7% on last February, the 23rd consecutive month of year-on-year growth and the longest period of sustained growth since May 2008.
The data also showed that average store prices fell for the eighth consecutive month, down 3.6% in February on the previous year.
Commenting on the figures, Phil Dorrell, director of retail consultants, Retail Remedy, said: “Retail sales are gaining an unstoppable momentum, as consumers continue to grow in confidence.
“With inflation now at zero, the spend trend looks set to continue for some time yet. The grocery market, in particular, is brutally competitive at present. The result is that the pound in people’s pockets is going further than it has for a long time.
“For average store prices to have fallen by 3.6% last month relative to a year ago, the sharpest fall since records began, underlines why consumers are feeling so confident.”
Richard Lowe, head of retail & wholesale at Barclays, said: “February was another strong month, with the retail sector now seeing almost two years’ of consecutive year-on-year growth. Sales of seasonal ranges have started well and with Easter just around the corner the high street has every reason to have a spring in its step in the months ahead.”
