Monday, 10 May 2021

UK retail sales win Black Friday boost

SHOPPING-UK-SALE

LONDON: British retail sales surged in November from the previous month, official data showed Thursday, boosted by Black Friday price reductions in the run-up to Christmas.

Sales rose 1.1 percent compared to October, the Office for National Statistics calculated, beating analysts’ consensus forecast for a 0.4 percent increase.

The data include the much-hyped shopping day “Black Friday”, when many retailers slash their prices to boost sales ahead of the festive period.

On a 12-month basis, retail sales rose by 1.6 percent in November, the ONS said.

“The official retail sales figures suggest that Black Friday discounts provided a significant boost to high-street spending in November,” said ING economist Ruth Gregory.

“But consumers may now have done the bulk of their Christmas shopping, meaning that December’s sales could be weak,” she said.

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