Left Menu
Development News Edition

UK shops' December sales fall for sixth straight year - BDO survey


British shops suffered a fall in December sales for the sixth straight year, a survey showed on Saturday, hurt by brittle consumer confidence and the ongoing shift to buying online.

Accountancy and business advisory firm BDO said its monthly High Street Sales Tracker (HSST) showed in-store high street sales fell by 1.9 percent year-on-year in December - an eleventh consecutive month of decline.

BDO said online sales grew 11.9 percent in December.

“As retailers suffered the worst year for well over a decade for in-store sales, it’s clear that consumer confidence is low," said Sophie Michael, head of retail and wholesale at BDO.

"Shoppers have exercised extreme caution or shopped strategically online, seeking out discounts rather than visiting bricks and mortar stores or making impulse purchases," she said, adding 2019 was set to be another challenging year for the sector.

Analysts have highlighted a disconnect between supportive economic factors - with consumers' real earnings growing and employment levels high - and an apparent reluctance to spend, partly due to uncertainty over Britain's departure from the European Union in March 2019.

Britain's economic growth slowed to a crawl at the end of 2018 and the housing market is stalling, according to data published on Friday, less than three months before Brexit day.

Clothing chain Next is the only major listed UK retailer to have reported on Christmas trade so far. It fared better than expected, with a late surge in online demand offsetting steep falls in store sales.

A raft of retailers are due to update next week, including Marks & Spencer, Tesco, Sainsbury's, Morrisons and Debenhams. (Reporting by James Davey; Editing by Mark Potter)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Conspiracy theories on COVID 19: Legislators, Scientists, and Journalists all joined the Caravan

Conspiracy theories are not new for virus epidemics. There have been conspiracy theories on HIV-AIDS, Polio Vaccines, Ebola Virus, and several other diseases as well. However, what makes the 2019 Novel Coronavirus different from others is ...

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Handling fake news Infodemic in time of Coronavirus epidemic

Social media has provided a platform where everybody can disseminate his her views without any supervision. Its excellent if the message is genuine but misinformation is equally disastrous. Health is such a topic where every Tom and Harry c...

Sentiment Analysis on Budget 2020: Long shot for solution to economic worries?

Industries and individuals alike had high expectations from the government to take tangible steps but the budget 2020 seems to have failed expectations....

Videos

Latest News

Punjab minister assures probe into fraud in Hindu Cooperative Bank

Punjab minister Sukhjinder Singh Randhawa on Thursday assured the assembly of a probe into the fraud in the Hindu Cooperative Bank, Pathankot. Replying to Congress MLA from Pathankot Amit Vij, who had asked about the revival of the NPA-hit ...

UPDATE 2-Man arrested after non-fatal stabbing inside London mosque

A man in his 70s was stabbed inside a London mosque on Thursday, police said, and a suspect was arrested on suspicion of attempted murder.A man, in his 70s, was found injured. His condition has been assessed as non life-threatening, Londons...

World community must help Venezuela to end humanitarian crisis - Lima Group bloc

The world needs to stop the humanitarian crisis in Venezuela, hit by political conflict and a collapsing economy, members of the Lima Group regional bloc said on Thursday. The group backs Venezuelan opposition leader Juan Guaido, who is rec...

Ecobank to invite African entrepreneurs to enter Fintech Challenge

Ecobank Group Ecobank.com, the pan-African banking group, is inviting African fintech entrepreneurs to enter the 3rd edition of the Ecobank Fintech Challenge. The Fintech Challenge gives African start-ups the opportunity to promote their fi...

Give Feedback