Retail slump sparks festive sales fear
HIGH Street and online stores face having to offer extensive price cuts to turn around a slump in Christmas spending.
November retail sales have dipped, despite Black Friday, and consumer research predicts a 13 per cent decline in total Christmas spending — taking it down £3billion to £20billion. Families are prioritising festive food and drink, but there is less demand for expensive items such as jewellery, watches, tech and electricals.
Retail analysts are predicting heavy discounts, but the British Retail Consortium (BRC) says its members are banking on a ‘last-minute flurry of festive frivolity in December’.
dmg media (UK)