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UK Dec Retail Sales Higher, But Below Expectations

UK DATA
MNI (London)

UK DEC RETAIL SALES +0.3 % M/M; +2.9% Y/Y, Below BBG +1.0% M/M

UK DEC RETAIL SALES EX-FUEL +0.4% M/M; +6.4% Y/Y

UK NOV TOTAL SALES REVISED AT -4.1% M/M

UK DEC RETAIL SALES DEFLATOR -1.0% Y/Y; EX-FUEL -0.6% Y/Y

UK retail sales rebounded by 0.3% in Dec following Nov's sharp drop due to the second lockdown. Sales came in weaker than markets expected (BBG: 1.0%). Retail sales are now 2.7% higher overall than in February. Dec's rise was driven by an uptick in clothing sales as the lockdown eased in the first part of the month with sales increasing 21.5% m/m after Nov's sharp drop. Food sales declined by 3.4% in Dec as the tightened restrictions weighed on footfall, according to the ONS. Annual sales rose 2.9% in Dec with non-store retailing surging 43.5%. Over 2020 sales fell 1.9% compared to 2019, recording the largest annual fall on record which began in 1996. The clothing industry took the largest hit, falling by 25% in 2020. On the other hand, online sales saw the largest increase on record, up 46.1% in 2020, with record highs for food and household goods sales.

MNI London Bureau | +44 203-865-3814 | irene.prihoda@marketnews.com
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