Hey big spender, where were you at Christmas?
Weak retail spending during the festive period failed to make amends for a challenging year of sluggish sales growth, a survey suggests
If retailers had hoped that people would splurge on presents, they were disappointed
BEN BIRCHALL/PA
Retail sales trailed far behind inflation in 2023, held back by underwhelming consumer spending over the festive season.
Across the whole of last year, retail sales grew by 3.6 per cent compared with 2022, according to research carried out by the British Retail Consortium, the trade body, and KPMG, the professional services group. That figure is well below the average inflation rate last year of 7.5 per cent that has been forecast by the Office for Budget Responsibility.
December sales increased by 1.7 per cent, likely lower than the inflation figure for that month, which is due to be released on January 17, and down from a 6.9 per cent increase in the same month in 2022.
In addition, Barclays, which monitors about half of
