UK Retail Sales Plummet in December as Cost of Living Crisis Curb Spending
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Retail sales in Great Britain fell 3.2% in December 2022 compared to the previous month, the biggest monthly drop since January 2021 lockdowns.
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All retail sectors were impacted as consumers cut back on both essential and non-essential purchases due to high inflation and the cost of living crisis.
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Food stores saw their steepest sales decline since May 2021 as consumers prioritized necessities over Christmas gifts.
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Department stores, clothing retailers and household goods sellers also reported sluggish December sales, exacerbated by consumers making purchases earlier in November.
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Overall retail sales volumes in 2022 dropped for the second consecutive year, falling to their lowest level in 5 years.