SRC & KPMG: Early Easter boosts Scottish retail sales by 2.8%
Retail sales in Scotland have seen a 2.8% increase in the five weeks to 30 March 2024, buoyed by the early arrival of Easter.
This growth is above the 3-month average increase of 2.1%, though below the 12-month average of 5.2%. Adjusted for inflation, the year-on-year growth stands at 1.5%.
On a like-for-like basis, Scottish sales rose by 2.1% compared to March 2023, when they had increased by 6.0%. This is above the 3-month average of 1.4% and below the 12-month average of 4.0%.
Food sales saw a 5.1% increase, outpacing the 3-month average of 4.5% but falling short of the 12-month average of 8.9%. In contrast, non-food sales grew by 0.9%, above the 3-month average decline of 0.1% but below the 12-month average growth of 2.1%.
Ewan MacDonald-Russell, deputy head of the Scottish Retail Consortium, noted that the positive figures were “a balm for hard-pressed retailers” after a sustained period of difficult trading. He cautioned, however, that the growth may be temporary, with some Easter-related purchases being pulled forward into March.
Looking ahead, Linda Ellett, UK head of consumer, retail and leisure at KPMG, highlighted the continued pressures facing retailers, including rising costs and fragile consumer confidence. Nevertheless, she expressed hope that the “green shoots of spring” seen in March could signal a more sustained recovery as the warmer months approach.