Black Friday fails to deliver expected retail sales boost
Official figures show retail sales fell last month after a poor Black Friday – which failed to give the expected boost to online trade.
Sales volumes dropped 0.4% in November, much weaker than what was expected, as shoppers struggle with rising costs of living.
There are some positives however, the figures show signs people had started to buy Christmas food early.
The Office for National Statistics (ONS) said sales at food stores rose 0.9% last month.
ONS director of economic statistics Darren Morgan said: “Retail sales fell overall in November, driven by a notable drop for online retailers, with Black Friday offers failing to provide their usual lift in this sector.”
He goes on to highlight that department stores had reported better sales, with bosses saying a longer Black Friday sales period had drawn in more customers.
“Food and alcohol sales were also up, with consumers stocking up early to try to spread the cost of Christmas festivities,” he added.
There was a 2.1% rise in sales at clothing stores last month due to a better performance from shoe stores.
Kevin Bright, an analyst at McKinsey & Co said the latest figures from the ONS suggest shoppers are “focusing on essentials like food and footwear”.
UK drop in living standards
The UK is set to face its biggest drop in living standards on record as wages struggle to keep up with rising prices, which has seen many households cutting back.
Figures released this week showed prices went up by 10.7% in the year to November. This shows the cost of living is still rising at its fastest pace for about 40 years.
According to the ONS, online trading saw a boost during pandemic lockdowns but sales volumes overall are still below pre-Covid levels.
