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UK Retail Sales Growth Picks up Unexpectedly in January – BRC

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British retail spending growth hit a four-month high in January, as consumers splashed out on big-ticket items like furniture, an industry body said on Tuesday.

The British Retail Consortium said retail spending increased 3.3 percent in January compared with a year ago, up from a 1.0 percent rise in December which the BRC had described as disappointing.

Furniture and home appliances sold well, while discounts in the New Year sales encouraged clothing and footwear sales.

Overall the survey added to signs that Britons are still spending freely, despite a darker global economic outlook.

“Following on from a somewhat disappointing Christmas period for retailers, the new year kicked off to a strong start,” Helen Dickinson, chief executive of the BRC, said.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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