Online Retailers Struggle as High Street Sales Fall
- Retail sales fell by 0.4% in November
- Online retailers saw a 2.8% drop in sales volumes
- Non-food store sales were 1.8% below February 2020 levels
- Food store sales rose by 0.9%
- Black Friday offers failed to boost online retail sector
- Department stores and household goods shops reported increased sales
According to the Office for National Statistics (ONS), retail sales dropped by 0.4% in November 2022, despite efforts from Black Friday and Christmas shopping to attract customers back to high streets. This follows a 0.6% rise in October after the impact of an additional Bank Holiday in September. Online retailers experienced a 2.8% decline in sales volumes, continuing a downward trend from early 2021. Non-food store sales fell by 0.6%, remaining 1.8% below February 2020 levels. However, food store sales increased by 0.9%. Anecdotal evidence suggests consumers stocked up early for Christmas to spread the cost of festivities. Darren Morgan, director of economic statistics at ONS, noted that Black Friday offers did not provide the usual lift in online retail sector, while department stores and household goods shops reported increased sales due to extended discounting periods.
Factuality Level: 8
Factuality Justification: The article provides accurate information from a reliable source (Office for National Statistics), presents relevant data on retail sales trends, and includes expert commentary from Darren Morgan. It does not contain digressions or irrelevant details, nor does it present opinion as fact or include logical errors.
Noise Level: 3
Noise Justification: The article provides relevant information about retail sales trends but could benefit from more analysis or context on why these trends are occurring and what it means for the economy.
Financial Relevance: Yes
Financial Markets Impacted: Retail sector
Financial Rating Justification: The article discusses a decline in retail sales, which can impact companies and financial markets as it affects their revenues and stock prices.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the text
www.retailsector.co.uk