Overview

• Retail sales in the UK grew by only 1.7% in December, a disappointing figure attributed to families 'battening down the hatches' amid cost of living pressures.
• Despite sales, retailers reported disappointing sales of typical gift items like clothes, jewellery and gadgets, with spending on clothing falling by 2% in December.
• Consumer card spending grew by only 2.3% in December, well below November's growth of 2.9% and lower than the current annual inflation rate of 3.9%, suggesting sales volumes fell.
• Spending on entertainment and travel soared by 12.3% and 14.1% respectively as consumers booked experiences and getaways for 2024.
• Restaurants are also suffering, with total card spending in restaurants falling by 8.8% and the number of transactions dropping by 13.1%.