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Responding to the latest ONS Retail Sales Index figures, Helen Dickinson, Chief Executive of the British Retail Consortium, said:

Widespread January sales helped sales growth remain positive as the industry entered the New Year. Despite this, the rise in consumer spending could not keep up with the double-digit inflation rates, with another fall in retail volumes. Larger purchases were hit harder as consumers tightened their purse strings or traded down to value brands. Meanwhile, clothing and footwear saw stronger growth last month.
With consumer confidence falling slightly, and high costs throughout the supply chain preventing prices from falling, it is a bumpy road for households. However, retailers are taking steps to cut costs and limit price rises where they can, to help their hard-pressed customers.

According to the ONS, on a Year-on-year seasonally adjusted basis:

  • Sales by Value (amount spent) increased 3.7% YoY (this growth is primarily due to rising prices)
  • Sales by Volume (quantity bought) fell 5.3% YoY