The British Independent Retailers Association has issued the stark warning following figures revealing a sharp retail sales fall at the end of 2023.
Official figures from the Office for National Statistics (ONS) released last week, showed sales volumes fell by 3.2% in December, the sharpest drop since the UK was in Covid lockdown.
The figures showed the fall was compared to a 1.4% increase in November 2023. December’s 3.2% decline was the largest monthly fall since January 2021. Non-food store sales volumes fell by 3.9% in December, following a 2.7% increase in November 2023 when Black Friday sales and discounting increased sales.
Over the three months to December 2023, sales volumes fell by 0.9%, compared to the previous three months.
Andrew Goodacre, ceo of BIRA, commented: “The December figures will not surprise indie retailers up and down the country. The festive period for many was flat with heavy discounting by the large retailers throughout November and December, the retail sector (for non food items) competed for the lower consumer spend.
“Consumer confidence has been low all year and these figures round off a very difficult year for retailers. In 2024 we need to see financial stability, interest rates falling and a plan for economic growth. Consumer confidence needs to be improved or we will see many more high street closures.
