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.”
-ENDS-
According to the ONS, on a
Year-on-year seasonally adjusted basis:
-
Sales by Value (amount spent) increased
2.3% YoY (this growth is primarily due to rising prices)
-
Sales by Volume (quantity bought)
decreased 2.1% YoY
