The holiday season in Great Britain was marked by a significant decline in retail sales, as consumers faced financial constraints and had to make tough choices between necessities and gifts. The Office for National Statistics (ONS) reported a 3.2% year-on-year drop in sales, the largest monthly fall since the pandemic-related closures in 2021. This decline affected all retail sectors, with food stores experiencing their sharpest fall since May 2021 due to slow December sales. Department stores, clothing shops, and household goods retailers also reported sluggish sales, as consumers opted to purchase earlier during Black Friday promotions to manage their expenses. The impact of the cost of living crisis was evident as consumers cut back on holiday spending, resulting in a challenging Christmas for retailers across the board.
Retail sales fell 3.2% in December 2023, down from a rise of 1.4% in November 2023.
➡️ https://t.co/hFSA5yQ5mO pic.twitter.com/Y4yfkKFLEh
— Office for National Statistics (ONS) (@ONS) January 19, 2024
Heather Bovill, deputy director at the ONS, described the situation as the largest overall monthly fall since January 2021, when pandemic restrictions heavily impacted sales. The challenging retail environment was further exacerbated by consumers’ early Christmas shopping, leading to slow December sales. The aftermath of the holiday season has left retailers in Great Britain facing a dire situation, as they grapple with the repercussions of reduced consumer spending during a critical time of year.
2024-01-19 02:35:22
Original from www.theguardian.com