United Kingdom BRC Retail Sales Monitor YoY

Retail sales in the United Kingdom saw a notable increase of 3.1% in December 2024, compared to the previous month’s 3.4% decline. This surge exceeded market expectations, which had predicted a 0.2% drop, largely driven by strong Black Friday spending. This marked the largest rise since March 2024. However, despite the December boost, the BRC reported that overall retail performance in the fourth quarter of 2024 was underwhelming, with sales growing by just 0.4% year-on-year. For the full year, total retail sales rose by 0.7%, while like-for-like sales saw a modest 0.5% increase. Helen Dickinson, Chief Executive of the BRC, commented: "After a challenging year of weak consumer confidence and tough economic conditions, the crucial 'golden quarter' failed to deliver the strong finish that retailers had hoped for in 2024." Looking ahead, consumer spending is expected to pick up in 2025, with real wage growth forecasted to boost purchasing power.