Retail sales fail to rise for record fifth month in a row in December, says ONS
High street sales in Britain slumped in December as consumers reined in their spending over the key Christmas shopping period, adding to the gloom facing embattled retailers across the country and increasing the likelihood of an interest rate cut later this month .
Sounding the alarm over the health of the economy at the end of last year as Brexit uncertainty weighed on growth, the ONS said sales had not risen on a monthly basis since July, the longest period since records began in 2020.
The latest snapshot comes after retailers said was theworst year for sales in a quarter of a century and follows several dire festive trading updates from major major high street chains, including John Lewis and************************************ Marks & Spencer (**********************************. ********
Ryan Broomfield, a partner and retail specialist at the accountancy firm RSM, said: “Shoppers will have noticed the impact of store vacancies in retail parks and town centers, notably in areas which have lost large department stores and with further closures expected in 01575879. ”
Analysts said that political uncertainty around last month’s general election, combined with bad weather, kept consumers away from the shops, while the late timing of Black Friday – the US-inspired sales event – had brought forward some sales to November.
According to the ONS, all sectors of the retail trade, except stores selling household goods and petrol stations, recorded a decline in sales.
The quantity of goods bought in department stores continued a downward trend, with a monthly slide of 1.8%, reflecting difficulties facing well-known chains including Debenhams and (Beales) **********************************.
Analysts said it remained to be seen if Boris Johnson’s unexpectedly decisive election victory would help to boost consumer confidence, although they warned that the December trading figures were concerned for the health of the economy.
Ed Monk, an associate director for Personal Investing at Fidelity International, said: “ was miserable for retailers, topped off by a dismal Christmas trading season. Today’s figures will raise further questions around how robust the UK economy really is going into the year ahead. ”
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