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Biggest jump in retail sales for nearly a decade.
Christmas retail sales have seen the highest rise in nine years according to a new report by the Office of National Statistics (ONS).
The report showed that retail sales for December were up by 5.3% on the same period in 2012, a significantly higher rise than in previous years.
The report has surprised many financial forecasters as several big name brands revealing that they had performed under expectations in the Christmas period.
Supermarkets Tesco, Morrisons and Sainsbury’s and department stores Debenhams and Marks and Spencer all performed under expectations
This has been reflected in previous reports from institutions such as the British Retail Consortium (BRC) which reported the much more modest growth of 1.8% on the previous year.
In a statement from the ONS the office wrote: “The underlying pattern in the data as suggested by the three month-on-three month movement shows much weaker growth (0.4%) than suggested by the year-on-year increase (5.3%).
“Contractions in the quantity bought in food stores and petrol stations continued to offset growth in the quantity bought in non-food stores and non-store retailing.”
As expected online sales have grown again across all retail sectors as more people turn to the online market.
Tellingly Morrisons attributed its relatively poor online sales as a main factor in its below expectation performance. The supermarket chain has since launched an improved online sales service with partners Ocardo.