Future Of British Business
UK Retailers Suffer January Blues Following Christmas Boom
- Lofty inflation means volumes drop even as sales rise
- Online sales particularly hit as shoppers buy more in-person
Shoppers along Old Bond Street in London, earlier in January.
Photographer: Jose Sarmento Matos/BloombergThis article is for subscribers only.
Retail sales disappointed in the UK last month as Britons facing higher household bills reined in their spending after splurging on Christmas festivities.
Total retail sales rose by 4.2% year-on-year in January, around half the pace in December and down from 11.9% growth a year earlier, the British Retail Consortium and consultancy KPMG said in a report Tuesday. High inflation means that the rise in sales masked a much larger drop in volumes as shoppers get less for their money.