Barclays: October figures "stronger than expected" for retail sector

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Barclays: October figures "stronger than expected" for retail sector

Fri 21st Nov 2008

Barclays has said that the Office for National Statistics (ONS) figures for the retail sector for October were "stronger than expected" and predicts that people might spend more than was originally thought this Christmas.

The year until October saw all prices on the retail price index rise by 4.2 per cent, according to the ONS.

Barclays admitted that the retail sector faced extra uncertainty this year in what is usually a challenging time - the run up to Christmas - but said that a variety of factors meant that the outlook was not entirely bleak for Christmas shopping.

According to Barclays, "widespread discounting" is taking place in many high street stores, which might help cash-strapped customers get better value for each pound they part with.

Barclays also said: "The lower cost of fuel […] should encourage people to drive to the larger retail centres to stock up on Christmas gifts and bargains."

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