Posted 1/8/2024, 12:05:00 PM
Retail Sales Growth Slows as Shoppers Tighten Belts, But Spending Shifts to Experiences and Entertainment
- Retail sales grew just 1.7% in December, far below the 6.9% growth seen the prior year, indicating consumers are battening down the hatches amid high costs of living
- Beauty products and health/personal care items sold well as Christmas gifts; clothing and jewelry sales dropped off
- Consumers are prioritizing spending on holidays, events, and entertainment over physical retail purchases
- Travel bookings, concert ticket sales, and entertainment subscriptions are seeing strong growth
- Music/video/gaming sales hit record highs of £11.9 billion, driven by streaming service subscription growth