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<\/div>\nRetail sales volumes were estimated to have risen 1.3% in November, up from no growth in October, as Black Friday boosted sales, according to the Office of National Statistics.<\/p>\n
However, looking at the last three months, sales volumes fell by 0.8%<\/p>\n
Non-food drove the November jump, with sales volumes up 2.3% compared to the 0.2% jump in October, with discounting driving sales.<\/p>\n
Food store sales volumes rose by 0.8% in November 2023, from an increase of 0.1% in October 2023.<\/p>\n
However, the ONS figures contrast with those of the CBI, which found that retail sales volumes had fallen year on year for the eighth month in a row as \u201cstrained household finances and higher interest rates continue to take a toll on consumer spending.<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span>\u00a0<\/span><\/strong><\/p>\nPrincipal economist at the CBI Martin Sartorius said: \u201cThe retail sector ended 2023 on a glum note, with the ongoing downturn in sales volumes deepening during the crucial holiday trading period.<\/p>\n
\u201cLooking ahead, retailers are bracing themselves for a new year\u2019s chill, as sales are set to fall at an even quicker pace next month.\u201d<\/p>\n
He also noted that a record rise to the national living wage in 2024 alongside an increase in business rates will \u201cheap more pressure on the sector in the new year\u201d.<\/p>\n
Large retailers are set to be hit with an estimated \u00a31.6bn billion of additional costs from next year as the commercial property tax is due to increase with inflation.<\/p>\n
Meanwhile, retail companies reduced orders placed with suppliers during the year to December at the fastest rate since May 2020, reporting stock positions were too high compared to predicted sales this month.<\/p>\n
The CBI said retail companies were set to \u201ccontinue to cut back on orders in January\u201d.<\/p>\n
Principal economist at the CBI Martin Sartorius said: \u201cThe retail sector ended 2023 on a glum note, with the ongoing downturn in sales volumes deepening during the crucial holiday trading period.<\/p>\n
\u201cLooking ahead, retailers are bracing themselves for a new year\u2019s chill, as sales are set to fall at an even quicker pace next month.\u201d<\/p>\n
He also noted that a record rise to the national living wage in 2024 alongside an increase in business rates will \u201cheap more pressure on the sector in the new year\u201d.<\/p>\n
Large retailers are set to be hit with an estimated \u00a31.6bn billion of additional costs from next year as the commercial property tax is due to increase with inflation.<\/p>\n
Meanwhile, retail companies reduced orders placed with suppliers during the year to December at the fastest rate since May 2020, reporting stock positions were too high compared to predicted sales this month.<\/p>\n
The CBI said retail companies were set to \u201ccontinue to cut back on orders in January\u201d.<\/p>\n