The recent BRC-KPMG Retail Sales Monitor for January 2023, revealed that total retail sales increased by 4.2% in January. This is below the three-month average growth of 5.2%, but above the 12-month average of 2.5%.
Like-for-like sales increased 3.9% YOY. Non-food sales increased 2.9% on a total basis and 2.5% on a like-for-like basis over the three months to January, which is above the 12-month average growth of 1.6%.
BIRA ceo, Andrew Goodacre, commented: “At first sight it looks as if January has been better than expected. Comparisons with last year are difficult due to the impact of Covid last year.
“However, sales growth is below inflation, and retailers margins are being squeezed as they strive to offer even better value to entice customers. We have a Spring Budget in March and that must be the platform for improving confidence and economic growth.”