November sales down as online retail flops despite Black Friday
Sales have slumped this November as Black Friday didn’t give online stores the boost it needed.
Figures published today by the Office for National Statistics (ONS) show that retail sales volume contracted by 0.4 per cent following a 0.9 per cent rise in October.
Online shops were hit the most as non-store retailing sales volumes slumped by 2.8 per cent, while automotive fuel sales went down 1.7 per cent due to soaring fuel prices.
On the other hand, the volume of food store sales went up 0.9 per cent in a sign that Britons stocked up early for Christmas.
According to Aled Patchett, head of retail and consumer goods at Lloyds Bank, the data comes as no surprise as the majority of Britons tightened their belts ahead of the festive period.
“To boost sales during the seasonal period, retailers will need to balance product price with cost inflation,” he said.
“The current cold snap will likely see consumer spending priorities shift to focus on the rising cost of energy bills.
“Consumer demographics will continue to be an important differentiator for businesses, with Generation Z also benefiting from rising wages and a higher propensity to spend.”