Jan retail sales rise 4.2% but fall YOY

Total retail sales in the UK rose 4.2% in January, a marked drop off when compared with the same period in 2022 when sales rose 11.9%, according to the latest data from the BRC-KPMG retail sales monitor. The 4.2% increase is below the three month rolling average of 5.2% but above the 12 month average growth of 2.5%. Like-for-like sales in the UK were up 3.9% but still behind the 11.9% increase in January 2022. Meanwhile, food sales increased 8.0% on a total basis and 7.9% on a like-for-like basis over the three months to January, above the 12-month total average growth of 3.5%. Non-food sales increased 2.9% on a total basis and 2.5% on a like-for-like basis over the three-months to January. Instore non-food sales increased 7.2% on a total basis and 6.5% on a like-for-like basis for the three months up to January. Online non-food sales decreased by 3.6% in January, against a decline of 24.2% in January 2022. CEO Helen Dickinson OBE said: “As Christmas cheer subsided, retailers felt the January blues as sales growth slowed. Many retailers discounted heavily to entice consumer spend, and while there were bargains to be had in the January sales, retailers continue to be hit by lower margins and falling volumes. “Own brand ranges remain popular across food and non-food products, and big ticket items are seeing customers trade down.The coming months will continue to be challenging for retailers and their customers. Consumer confidence remains stubbornly low and looming rises in household bills and mortgages mean discretionary spending will remain weak.” She added: “With ongoing cost pressures and labour shortages increases in sales don’t convert into increases in profits or cash. Given that backdrop, retailers can ill-afford the millions lost to the inflexibilities of the Apprenticeship Levy, so the Government must urgently look to change the system so retailers can use the funds to train their workforce to better meet the needs of their businesses and the people who work in them.”

Jan retail sales rise 4.2% but fall YOY

Online non-food sales decreased by 3.6% in January, against a decline of 24.2% in January 2022

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