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.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.