Retail sales slump over key Christmas period
- High street sales in Britain slumped in December as consumers reined in their spending over the pivotal Christmas shopping period.
- Retail sales failed to rise for a record fifth month in a row – the longest period since 1996 – as household spending plunged by 0.6% on the month, below all estimates made by City economists.
- In a reflection of the difficult trading conditions facing retailers – after a series of disappointing trading updates for the festive period from firms including John Lewis and Marks & Spencer – consumer spending over the final three months of the year fell by 1% from the previous quarter.
- Sales growth for the year as a whole slowed to 0.9%.
Source: Guardian Business