According to the report from the British Retail Consortium (BRC), retail sales increased last month, but at a weaker pace than in September and less than consensus estimates. In general, retailers are preparing for the fact that consumers will limit budgets this Christmas amid rising living costs.
The data showed that in October like-for-like retail sales increased by 1.2% per annum after an increase of 1.8% per annum in September. Economists had expected an increase of 1.5% per annum.
Separate data from Barclaycard showed that spending on cards increased by 3.5% per annum in October, compared with an increase of 1.8% per annum in September, while inflation increased by 8.8%.
BRC CEO Helen Dickinson said that since November's Black Friday sales are just around the corner, many people are hoping to postpone spending, especially on large purchases.
"Christmas for many will come later than last year and may be more gloomy than brilliant as families focus on making ends meet, especially with rising mortgage repayments."
A Barclaycard survey found that 48% of Britons plan to cut back on Christmas shopping, including festive events and gifts, to save money this year.