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How To Pitch Billion-Dollar Retailers Like Target, Whole Foods On Stocking Your Million-Dollar Idea
July 15, 2021
February 21, 2025
Evans Momodu- Editor
2 minute digest
Published 10:57 UK(GMT), 21 February, 2025
UK Retail sales in January 2025 saw a surprisingly strong boost in January, rising by 1.7%, according to official figures from the ONS retail sales report.
This increase far exceeded the 0.3% rise forecasted by economists polled by Reuters and marked the first growth since August.
The jump follows a disappointing 0.6% decline in December, a key shopping month, with the ONS now revising December’s contraction from an initial estimate of 0.3%. Notably, this is the largest retail sales rise since May.
A major contributor to the surge was food shopping, which increased by 5.6%, the highest since March 2020, when COVID-19 lockdowns began. Supermarkets, alcohol and tobacco stores, and specialty retailers like butchers and bakers all reported strong sales growth.
Retail sales are a key indicator of household consumption, the largest contributor to the UK economy. The latest figures, combined with improved consumer confidence and wage growth, suggest the economy may be strengthening.
Market research firm GfK reported a significant rise in consumer confidence, particularly in expectations for personal finances, which moved out of negative territory. However, despite interest rate cuts, many consumers are still grappling with the cost-of-living crisis.
With retail sales growth and improving sentiment, economists will be watching closely to see if this trend continues in the coming months. For now, the unexpected January boost offers a positive sign for the UK economy.
Source: Sky news
