07.02.202308:53:00UTC+00UK Retail Sales Growth Eases In January: BRC

UK retail sales grew at a slower pace in January as Christmas cheer subsided, data published by the British Retail Consortium and accountancy firm KPMG showed Tuesday.

Like-for-like sales increased 3.9 percent on a yearly basis in January and overall retail sales grew 4.2 percent.

"Many retailers discounted heavily to entice consumer spend, and while there were bargains to be had in the January sales, retailers continue to be hit by lower margins and falling volumes," BRC Chief Executive Helen Dickinson said.

Dickinson observed that the discretionary spending will remain weak amid low consumer confidence and rising household bills and mortgages.

Paul Martin, UK Head of Retail, KPMG said, "As we head into a difficult time for consumers, the short-term outlook for the retail sector remains challenging."