Christmas shopping starts early in UK; Austria’s lockdown knocks travel stocks and oil – as it happened

Rolling coverage of the latest economic and financial news.

• Latest: Austria's lockdown worries markets
• Full story: Christmas shopping starts early
• Retail sales across Great Britain rose in October
• First rise in six months as consumers snap up clothes, toys and sports kit
• Worries about shortages boost spending, say analysts
• Consumer confidence rose in November despite inflation

Samuel Tombs of Pantheon also suspects that Christmas shortage fears pushed up spending in October....

Worries about shortages this Christmas may have spurred people into shopping early.

Concerns around stock shortages have encouraged early preparations for the festive period, though purchases so far indicate a mixed bag of goods. In a sign of normalisation, food categories fell -0.3% month-on-month, despite consumers stocking up on Halloween treats and other foodstuffs for bonfire and Diwali celebrations.

However, non-food sales were up month-on-month by 4.2%. With larger Christmas gatherings expected as consumers intend to make up for 2020's lost celebrations, we could see non-food sales accelerate further in the coming weeks, as consumers look for toys, partywear, and other seasonal goods. Clothing alone saw an increase of 6.2% in volume compared to the previous month, edging closer to pre-pandemic levels.