sortiwa
[ad_1]
Image copyright
Getty Images
Retail sales improved in January, increasing by 0.9% on the previous month, official figures show.
The Office for National Statistics (ONS) said the amount of goods sold in Great Britain rose by 0.9%, after falls in the previous two months.
It was the largest monthly rise since March, and a stronger performance than was expected by economists.
It has been suggested consumer demand slowed in late 2019, but has since picked up after the December election.
Stripping out spending on fuel, retail sales increased by 1.6%.
Aled Patchett, head of retail and consumer goods at Lloyds Bank Commercial Banking, said the economy appears to be “on surer footing”.
He added: “While the ‘Boris-bounce’ appears to have boosted consumer confidence and improved the mood among retailers, many are continuing to forecast with caution in mind, having endured a difficult Christmas – something that was reflected in the smaller-than-expected discounts in January.”
The figures show that consumer spending may have picked up somewhat in the January sales after a Christmas shopping spree failed to materialise in December.
Compared with a year ago, internet sales were also 4.9% higher in January.
‘Tough trading conditions’
Previous research by the British Retail Consortium (BRC) suggested that 2019 may have been the worst year in 25 years for retailers. It said that total sales fell by 0.1%, marking the first annual sales decline since 1995.
However, the trade body’s figures do not include the entire retail market. Its survey excludes some fast-growing online retailers, including Amazon, for example.
UK High Streets continue to face tough trading conditions, with big chains such as Mothercare and Thomas Cook going bust in recent months.
The decline of the High Street has been attributed to a range of causes. High business rates, national living wage rises, Brexit and weak consumer confidence are some challenges facing retailers, as well as the rise of online retail.
[ad_2]
Source link
