Did you cut back in the run up to Christmas?
Shop sales fell by record numbers both in December and across the whole of last year as consumers cut spending.
The Office for National Statistics also confirmed retail sales for last year recorded the worst-ever fall.Prices have been rising sharply since last year, mainly due to soaring energy costs, which has put pressure on millions of households.The ONS said retailers had indicated that "consumers are cutting back on spending because of increased prices and affordability concerns".
It said the drop in food sales during December reinforced the view that people stocked up for Christmas earlier. In November, the volume of retail sales at food stores rose by 1%. Online sales also fell between November and December. The proportion of online sales dipped to 25.4% from 25.9% in the previous month.
Looking ahead, John Allan, chairman of the UK's biggest supermarket chain Tesco, said that while there is a hope inflation will drop sharply in the middle of the year, "that doesn't mean prices are going to fall". We've been spending more but getting less for our money. And that's the overall story of retail in 2022 as inflation has taken a huge bite out of our spending power.
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