December caps a difficult year for retail

Responding to the latest ONS Retail Sales Index figures, which showed sales up 2.3% by value, but dow 2.1% by volume, Kris Hamer, Director of Insight at the British Retail Consortium, said:

“A drop in retail sales volumes in December capped a difficult year for retailers, with sales volumes across 2023 below those seen in 2019. Black Friday sales ate into Christmas spending, while the high cost of living meant some households had to cut back on festive gifting. Electricals and Furniture performed weaker than hoped,  and even food saw smaller growth as many households traded down to cheaper brands . However, with inflation on a downward trend, and wages slowly rising, retailers hope that consumer confidence and sales volumes will bounce back in 2024.

“Retail is a vital part of the ‘everywhere economy’, serving the communities of every village, town and city in Britain. This is why it’s essential that political parties of all stripes have a clear and cohesive plan for retail as they make their pitch to the public ahead of the next election. Retail accounted for over £462bn in spending, employs around three million people directly, and contributes billions to the UK tax base.”