LONDON (Reuters) – Black Friday spending helped raise retail gross sales in late 2024 however total gross sales within the remaining quarter of final yr proved disappointing, the British Retail Consortium stated on Tuesday.
Complete (EPA:TTEF) retail spending rose 3.2% year-on-year within the 4 weeks to Dec. 28 after a 3.3% drop the month earlier than. Final month’s rise was the largest since March, however Black Friday fell within the BRC’s December interval in 2024 and in November in 2023, distorting year-on-year comparisons.
Trying on the fourth quarter as a complete, spending elevated simply 0.4% in annual phrases – in impact a fall in gross sales volumes as soon as larger costs are taken under consideration.
“Following a difficult yr marked by weak client confidence and tough financial situations, the essential ‘golden quarter’ failed to provide 2024 the send-off retailers have been hoping for,” BRC chief govt Helen Dickinson stated.
Britain’s financial system misplaced momentum within the second half of 2024, partly due to tax rises introduced within the new Labour authorities’s first funds on Oct. 30.
The BRC stated complete retail gross sales in 2024 as a complete rose by 0.7%, whereas like-for-like gross sales, which regulate for adjustments in retail floorspace, rose 0.5%.
Separate debit and bank card knowledge from Barclays (LON:BARC) additionally painted a weak image with client spending unchanged in December in contrast with a yr earlier.
Spending on necessities dropped by 3% – partly on account of decrease petrol costs – whereas spending on non-essentials rose.
Cinema spending jumped 52%, helped by movies similar to “The Wizard of Oz” spin-off “Depraved”, however spending at eating places and pubs grew solely modestly.
Some economists see scope for stronger client spending in 2025, as wages are forecast to rise in actual phrases and common family financial savings are excessive in contrast with pre-pandemic ranges.
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