March retail sales fell 24% for furnishing
Website Editor • April 27, 2020
Retail sales in the furnishing sector fell 23.6% in March as the lockdown took hold, according to the latest data from the Office for National Statistics.
Overall, retail sales for the month fell 5.1%, a lesser decline explained by the growth in the food sector (up 10%), fuelled by panic buying and stockpiling.
The dramatic fall in big ticket items like furnishing was overtaken by fashion and clothing which declined by 35% on the high street.
It should be noted that the lockdown didn't come into force until March 23rd. April figures will be dramatically different again.
Retail specialist Jo Causon, CEO at the Institute of Customer Service, said: “Few will be surprised by today’s figures, which paint a bleak picture of the impact of COVID-19 on our society. Discretionary spending has been devastated by the pandemic.
“Retailers should be prepared for the situation to get worse before it gets better, but they must not panic," she said. "Those that maintain a clear focus on understanding their customer’s needs and adapt and innovate to meet changing demands will be in the strongest position to rebound as we move beyond this crisis.”
“Retailers should be prepared for the situation to get worse before it gets better, but they must not panic," she said. "Those that maintain a clear focus on understanding their customer’s needs and adapt and innovate to meet changing demands will be in the strongest position to rebound as we move beyond this crisis.”
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