Posted by Rachel Westall on 2 January 2025
According to ONS, retail sales volumes (quantity bought) are estimated to have risen by 0.2% in November 2024, following a fall of 0.7% in October 2024.
"The quintessentially American shopping event, Black Friday, has surged in popularity in the UK over the past decade, with most retailers starting their sales weeks before the official day.
"Our own findings show that while over one third of shoppers are looking to scale back the number of presents they are buying this year, the amount they are willing to spend on a single order has increased by 17%, highlighting the prioritisation of quality over quantity.
"Looking ahead to next year, we anticipate that affordability concerns will linger, but as spending may not exceed budgets this Christmas, the seasonal scaling back in January may not be as dramatic this time around.
"Nearly half of consumers we surveyed told us that they plan to hit the January sales, which could be a boost for retailers that may have experienced an unusual slowdown in the run up to Christmas.
"Unfortunately, we are already hearing noise from retailers that plan to close physical stores on the high street, such as the recent announcement from Shoe Zone. This will surely push even more people to online shopping, giving ecommerce sites an edge.
"While small businesses will also be feeling the squeeze, owners should rest assured that continuing to deliver exceptional customer service and high-quality products will help them to stand out from the corporate crowd."
To read the full ONS report and study their findings, simply visit the website: https://www.ons.gov.uk/businessindustryandtrade/retailindustry/bulletins/retailsales/november2024
