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In December 2023, retail sales in the United Kingdom took a concerning turn, experiencing a sizable drop of 3.2% compared to the previous month. This decrease far surpassed analyst predictions of a 0.5% decline and marked the steepest monthly downturn since the onset of the pandemic in January 2021. The abrupt reversal came on the heels of a modest 1.4% increase in November sales, illustrating the volatility still plaguing the retail sector. Non-food stores were hit particularly hard, with sales plunging 3.9% as consumers appeared to pull back on gift purchases and shift more of their holiday shopping to November to stretch strained budgets. The negative momentum permeated various retail categories, including substantial hits to department stores (-7.1%), household goods (-3.0%), clothing (-1.5%), and other non-food establishments (-4.5%). The food sector also witnessed reduced trade activity, falling 3.1%, while non-store retailing slumped 2.1%, likely reflecting the pinch of inflation and higher living costs.
In 2023, preliminary data suggests a notable 2.8% decline in total retail sales for the entire year, reaching the lowest point since 2018. This prolonged downturn prompts concerns about the future state of consumer confidence and purchasing ability. Economic data last Friday cast a shadow over the FTSE 100 index, which, despite managing to close unchanged, experienced its third consecutive weekly decline, marking the most substantial drop in three months.
(United Kingdom Retail Sales,Office for National Statistics)
(FTSE100 Monthly Chart)
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