Christmas fails to lift UK consumers
Latest survey from the British Retail Consortium shows lacklustre sales around the all-important Christmas period. IGTV's Jeremy Naylor has the lowdown.
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BRC reports lacklustre Christmas sales
Like-for-like sales rose 1.9% in December, slowing from a 2.6% gain in November. The December figure was the lowest in five months. Helen Dickinson, BRC's CEO, said that, "The festive period failed to make amends for a challenging year of sluggish retail sales growth, as weak consumer confidence continued to hold back spending". In 2023, retail spending rose 3.6%, driven by an 8.1% rise in spending on food. Non-food spending fell 0.1%.
Barclays survey reveals debit and credit spending
Meanwhile, a separate survey from Barclays shows consumer spending on debit and credit cards rose 2.3% in December, slowing from 2.9% in November, supported by strong spending in pubs, bars and night clubs. Barclays chief economist, Jack Meaning, expects inflation to fall further in the opening months of 2024, putting more spending power in the pockets of UK consumers and should help support them to continue to spend, even against the tough backdrop of weak economic growth.
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