UK December retail sales up 5.3% in surprise Christmas surge | Shopper Discounts & Rewards

an increase of 2.7% on November

Economists were proved wrong over Christmas, as retail sales grew faster than expected in the UK, with customers leaving their festive shopping to the last few weeks of the year. The UK high street benefitted too, with department stores posting a record 8.7% increase in sales.

much better than expected

The figures from the Office of National Statistics (ONS) suggested growth in consumer spending above the expectations of many analysts, with UK retail sales rising more than economists forecast in December, led by a surge at department stores and smaller shops during the key Christmas season.

Bloomberg reports that the annual gain in sales was the biggest in nine years, and the pound strengthened after the data were published. Sterling rose 0.5 percent against the dollar and was trading at $1.6434 as of 9:48 a.m. London time.

Kate Davies from the ONS talks to the BBC

“This December was much better than what we’ve seen in previous years. It’s the small stores that are very much driving growth – they are seeing a consistent gain of 8% annual growth, while large stores are seeing 2.6% growth.”

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