Shoppers and retailers are set for a “challenging” year ahead, according to a leading trade body. The British Retail Consortium (BRC) has warned that higher living costs will continue to squeeze household budgets. Its boss pointed out that firms will also face higher business rates as well as potential disruption to shipments via the Red Sea. Despite a flat Christmas, other figures suggest that people are still willing to spend more on holidays in 2024.
Helen Dickinson, chief executive of the BRC, suggested that “weak consumer confidence continued to hold back spending” over the key festive trading period. Across the UK, retail sales increased by just 1.7% in December, significantly lower than the 6.9% seen the year before, according to the BRC-KMPG retail sales monitor.
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