UK Retail Sales Hit Lowest Level Since 2018 Amid Cost-of-Living Crisis

December 2023 sees largest monthly decline since pandemic, raising fears of a potential recession.

Retail sales in Great Britain fell by 3.2% in December 2023, marking the largest monthly decline since January 2021 during the COVID-19 pandemic.
Non-food store sales volumes fell by 3.9%, while food store sales volumes dropped by 3.1% in December.
Overall retail sales volumes fell 2.8% in 2023, hitting their lowest level since 2018.
The decline in sales has raised concerns that Britain may have entered a mild recession in the second half of 2023.
Retailers attribute the decline in sales to consumers buying gifts earlier than usual in November to spread the cost of Christmas and the ongoing cost-of-living crisis.