Retail sales slower in November
Official figures show faltering start to Christmas
December 18 2003
UK retail sales grew by just 0.1 per cent in November on the month, according to data from the Office for National Statistics.
After three months of strong growth, the figures suggest the rise in interest rates last month put UK consumers in cautious mode, and confirm many retailers’ experience that Christmas spending is being left later by consumers.
The underlying volume growth rate in November was 3.8 per cent. The ONS said the slowdown was particularly marked in department stores and in the textiles, clothing and footwear sectors.
Paul Clarke, national director, retail & wholesale sectors at Barclays Banks said: “Disorganised shoppers across Britain look set to be making a last minute dash for the stores this Christmas if shopping trends continue as they have in previous years.
“Last year, December 23 was the busiest shopping day of the year as thousands left their Christmas shopping to the last minute. With Christmas day this year falling on a Thursday we anticipate that a lot of people will be leaving their shopping until well into next week.
“Retailers, in particular the large department stores, are still fairly positive about Christmas spending. Admittedly things could be better but there is definitely no sign of panic. The general view among retailers is that Christmas has merely been delayed until next week and that we won’t know the full picture until Christmas Eve.”
