Economy

Jun- 2024 -

4 June

UK sales slightly increase by 0.7% in May

UK total retail sales increased by 0.7% year on year in May, against a growth of 3.9% in May 2023. This was above the 3-month average growth of 0.3% and below the 12-month average growth of 2.0%. Food sales increased 3.6% year on year over the three months to May,…

May- 2024 -

28 May

Shop price inflation returns to ‘normal levels’, BRC says

Shop price annual inflation eased from 0.8% in April to 0.6% in May, according to the British Retail Consortium’s (BRC) latest shop price index. This has been confirmed to be below the three-month average rate of 0.9%, with the annual shop price growth being at its lowest since November 2021.…

24 May

Retail sales slump 2.3% in April amid wet weather

Retail sales fell by 2.3% in volume over April, following a fall of 0.2% in March, as the retail sector was hampered by ongoing wet weather over the period. According to the Office for National Statistics (ONS), sales volumes were down across most sectors, with non-food stores particularly “doing badly”…

Mar- 2024 -

15 March

High street faces ‘unprecedented challenge’ says BIRA

The British Independent Retailers Association (BIRA) has said that the UK High Street is facing “unprecedented challenges” following the release of new data on retail occupancy. High-profile retail restructuring and administrations have resulted in a net of 14 store closures a day during 2023, according to research from LDC and…

11 March

UK footfall bounces back by 6.6% due to Mother’s Day weekend

MRI Software announced that the lead up to Mother’s Day and the peak Easter trading period significantly boosted week-on-week footfall across all UK retail destinations as footfall climbed by 6.6%. High streets led the charge with activity rising by 7.9% while shopping centres and retail parks also witnessed rises in…

6 March

Chancellor cuts NI by a further 2p as part of Spring Budget

Chancellor Jeremy Hunt has announced a further 2p cut to National Insurance falling from 10% to 8% from 6 April, as part of his Spring Budget for “long-term growth”. The reduction in National Insurance is expected to save the average worker £450 a year, or £350 for those who are…

Feb- 2024 -

16 February

Retail sales jump 3.4% giving optimism despite recession

Retail sales in the UK jumped 3.4% in January 2024 after falling 3.2% in December, according to data from the Office for National Statistics. This is the biggest rise in retail sales since April 2021 when the UK had just emerged from the third covid lockdown. The price of goods…

Jan- 2024 -

4 January

Festive shopping boosts footfall 6.1% in December

Footfall across UK retail destinations rose by +6.1% from November to December as poor weather conditions, rail disruption and the cost of living crisis failed to deter festive shoppers. According to the latest data from MRI Software, December was predominantly boosted by the fourth week of the month, the final…

3 January

Almost half of consumers feel less financially secure, KPMG finds

Four in 10 consumers are heading into 2024 saying they feel less financially secure than when 2023 began, according to new research from KPMG UK. Assessing confidence for 2024, KPMG’s latest Consumer Pulse survey of 3000 UK consumers shows those feeling worse about their financial security outnumber those feeling more…

2 January

Shop price inflation flatlines in December

The annual shop price rise was slower than the three-month average rate of 4.6% at 4.3%, the lowest since June 2022, according to the BRC’s latest shop price index. The index, which compiled data from the first week of December, showed that non-food price inflation picked up to 3.1% in…