The British Independent Retailers Association has revealed insights into how retailers are feeling about the future, following a slump in Christmas and January sales.
BIRA conducted a Retail Sentiment Survey, which was sent to its members, delving into how Christmas trade and January business performance was for 2023/2024 compared to last year, and how confidence levels are for the upcoming year.
57% of respondents reported that Christmas 2023 was worse than in 2022. 59% also indicated that January 2024 was worse than January 2023.
Only 25% of respondents expressed confidence in the future, while 53% indicated a lack of confidence. Shop owners highlighted various challenges, with one mentioning that Black Friday sales significantly impacted Christmas sales. Another said it was the ‘worst Christmas in 15 years based on historical data’.
Retailers expressed concerns about the lacklustre performance with one sharing that on the Monday before Christmas, they only generated £30 in sales. Others described December as ‘very flat’, ‘no atmosphere’ and ‘poor footfall’.
Shop owners said various factors were contributing to their apprehension, including the cost-of-living crisis, leading people to be more reserved in their spending.
Andrew Goodacre, ceo of BIRA, commented: “These findings reveal concerning trends for independent retailers, reflecting the challenges they’ve navigated during the festive season and into the new year. At Bira, we are actively engaged in lobbying the government, using this valuable data to underscore the urgent need for measures that boost consumer confidence on our high streets.
“Our focus is on reinvigorating local spending and creating a vibrant retail landscape. As we eagerly anticipate the spring budget, which is just a few days away, we hope it brings forth initiatives that strengthen the backbone of our communities—the independent businesses that make our high streets unique.
