Retail sales growth of 5.6% for March 2023 is fading towards long-term trend growth and the additional detail reveals a more meaningful slowdown in non-food retail. Electronics, furniture and hardware all showed notable declines and footwear slowed markedly in March. Online sales only rose 1.1%, which reflects weaker demand in non-food retail. The data also suggests retail volume growth is barely positive. The fade in inflation is the key call on retail from here. We expect continued weaker sales trends over the next 12 months.