MNI BRIEF: UK Retail Sales Bounce Back From Weak Pre-Christmas
MNI (LONDON) - UK retail sales bounced back strongly in January, with total volumes rising 1.7% month-on-month after a 0.6% decline in December, data released by the Office for National Statistics said Friday.
However, the ONS noted sales still remained 1.4% below their pre-pandemic level, having been unable to hold a recover back above those levels in 2022 and 2023, although thwere have been signs in some recent indicators that there is some life in the consumer (see MNI INTERVIEW: Consumer Boost Lead For UK Growth- ONS Fitzner )
“Retail sales rebounded strongly in January following four months of consecutive falls," ONS Senior Statistician Hannah Finselbach said, although she said clothing shops and household goods stores had less of a successful January with retailers reporting lacklustre sales due to weak consumer confidence. Consumer confidence fell sharply in January, but has edged up modestly in February, perhaps offering some hope for beleagured retailers. (see MNI INTERVIEW: UK Consumer Sentiment Up, Headwinds Remain )