Jump to content

UK retail sales slump in December after early Xmas shopping, Omicron spread


Recommended Posts

Reuters.pngEconomic IndicatorsJan 21, 2022 
 
 
 
UK retail sales slump in December after early Xmas shopping, Omicron spread© Reuters. FILE PHOTO: People walk along a busy shopping street as people look for bargains in the traditional Boxing Day sales in Liverpool, Britain, December 26 , 2021. REUTERS/Phil Noble/

LONDON (Reuters) -British retail sales slumped in December after consumers did much of their Christmas shopping earlier than usual in November and many consumers stayed at home due to the spread of the Omicron coronavirus variant.

Sales volumes fell by 3.7% from November, a far bigger hit than the 0.6% decline forecast in a Reuters poll of economists and the biggest fall since January of last year when the country was under a coronavirus lockdown.

Compared with December 2020, sales volumes were down by 0.9%, the Office for National Statistics said on Friday.

The Reuters poll had pointed to a 3.4% rise in sales in annual terms.

"After strong pre-Christmas trading in November, retail sales fell across the board in December, with feedback from retailers suggesting Omicron impacted on footfall," ONS Deputy Director for Surveys Heather Bovill said.

"As Plan B restrictions in England meant more people working from home, there was a notable fall for fuel sales."

But retail sales remained stronger than before the pandemic, with over a quarter of sales now made online, she said.

Non-food sales slumped by 7.1% in December from November, also the biggest fall since January last year.

 

British retail sales recovered quickly from their 2020 pandemic slump when restrictions were first lifted.

But fast-rising inflation led by surging energy prices, the prospect of higher interest rates and a tax hike in April will test the appetite of consumers to keep on spending in 2022.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      22,098
    • Total Posts
      92,955
    • Total Members
      42,477
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    calwall77
    Joined 01/06/23 20:51
  • Posts

    • Look ahead to 2/6/23: US jobs; Baker Hughes rig count After the stronger than expected private payrolls number from ADP, risks would seem to be on the upside for the US non-farm jobs number on Friday.  Jeremy Naylor | Analyst, London | Publication date: Thursday 01 June 2023  IGTV’s Jeremy Naylor looks at USD/JPY as a potential trade. Outside of this watch Brent around the Baker Hughes rig count.            
    • What's the next move following the bank run that led to a rally in US stocks? The markets have been giving us hints on its coming trend, which markets are they? Deploying market psychology not only helps us to connect the dots in today’s complexity, it also gives us the simplicity to chart into the future. In this session, we have invited market veteran, Wong Kon How, to help you improve your trading literacy and successfully navigate the financial markets. Kon How will demonstrate how he understands today’s market complexity and seizes the coming opportunity with behavioral science.  
    • Charting the Markets: 1 June Dow and CAC40 stabilise while Nasdaq 100 edges down. EUR/USD, EUR/GBP and USD/CAD stabilise as US debt ceiling bill goes to Senate. And Brent, orange juice stabilise while copper advances as US debt ceiling bill gets signed. Shaun Murison | Senior Market Analyst, Johannesburg | Publication date: Thursday 01 June 2023               This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.
×
×
  • Create New...