Economy
Economy explores the wider economic forces influencing the UK retail industry. This section covers inflation, consumer spending, interest rates, labour market conditions, and policy developments affecting retail performance and profitability. Retail Sectorโs Economy coverage provides expert analysis, data-driven insight, and commentary to help retail leaders, financial planners, and operational managers understand how macroeconomic trends are shaping demand, costs, and investment decisions across the sector.
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Jan- 2024 -17 January
Inflation unexpectedly rises in December
Inflation unexpectedly increased to 4% in December off the back of rises in fuel and tobacco prices. According to the latest figures from the Office for National Statistics (ONS) the small rise in the annual rate between November and December 2023 was a result of prices rising by 0.4% on…
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17 January
Footfall climbed 3.3% in 2023 despite cost-of-living crisis
Footfall steadily rose by 3.3% in 2023 compared with the previous year, despite the rising prominence of the cost of living crisis, according to MRI Softwareโs latest retail outlook report.ย The findings suggest that consumers found a way to spread costs, as retail โstood firmโ in the face of the…
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12 January
UK economy rebounds in Nov
The UK economy rebounded in November as monthly GDP increased 0.3% off the back on a 0.3% fall in October, according to the latest data from the Office for National Statistics (ONS). The ONS said services output jumped 0.4% in November 2023 and was the main contributor to the monthly…
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8 January
120,000 retail jobs lost in 2023
Almost 120,000 retail employees lost their jobs in 2023 after more than 10,000 shops shuttered over the year, according to new data from the Centre for Retail Research. It found that during the 2023 calendar year, a total of 119,405 jobs were lost and 10,494 stores were shuttered across the…
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5 January
Northern Ireland records investment volumes of ยฃ338m, CBRE finds
Northern Irelandโs commercial investment sector held steady in 2023 despite economic challenges, recording total investment volumes of ยฃ338m, CBRE NI has revealed.ย Investment sales were accumulated across 31 transactions, exceeding 2022โs tally of ยฃ330m and marking the investment sectorโs strongest performance since 2015. The standout transactions of the year included…
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2 January
Shop price inflation flatlines in December
The annual shop price rise was slower than the three-month average rate of 4.6% at 4.3%, the lowest since June 2022, according to the BRCโs latest shop price index.ย The index, which compiled data from the first week of December, showed that non-food price inflation picked up to 3.1% in…
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Dec- 2023 -20 December
UK inflation falls to two-year low of 3.9%ย
UK inflation has fallen to 3.9% in the year to November, the lowest level seen in two years, according to new figures from the Office for National Statistics. The rate of inflation was lower than expected after falling from a rate of 4.6% in October, though the ONS said prices…
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15 December
A quarter of UK adults to scale back Xmas meal, survey finds
A quarter of UK adults will be scaling back their Christmas meal this year due to the current financial pressures, with 12% โ up to 19% of those aged between 25 and 34 โ planning to offer fewer dishes than usual, according to a survey by Strat7 Researchbods.ย The survey,…
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15 December
Consumer confidence improves during December
Consumer confidence improved two points during December to -22 as sentiment improved ahead of Christmas. All five measures were up in comparison to last monthโs announcement. The index measuring changes in personal finances during the last year is up two points at -14; this is 14 points better than December…
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11 December
Black Friday fails to rally shoppers during ‘bleak’ November, BDO finds
Significant discounts in the run up to Black Friday failed to rally UK shoppers, resulting in โanother disappointing monthโ for retailers, according to new figures released today by accountancy and business advisory firm BDO. According to its High Street Sales Tracker, total like-for-like (LFL) sales in November fell by 0.3%…
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