- Retail sales grew 1.8% in January
- Demand for jewellery and sports supplements boosted monthly sales
- Sales were more subdued across the three months to the end of January, up just 0.1%
Danni Hewson, AJ Bell head of financial analysis, comments on the latest UK retail sales figures:
“Last month’s surge in retail sales should be taken with a big pinch of salt, with the sluggish 0.1% growth seen over the three months to January more in line with continued consumer caution.
“Headlines about record gold and silver prices lifted sales, especially for online jewellers, which reported unprecedented levels of demand. New year health goals also sent many of us who overindulged during the festive period on the hunt for sports supplements as we pushed our bodies back into exercise mode.
“On top of this, January sales tempted many people to splash out on furniture bargains after a year of interest rate cuts paved the way for more house moves.
“The weather also played its part. Grey skies and endless rainfall persuaded many of us to stay indoors, reaching for our devices to raid online stores and lifting the amount spent over the month compared to the same period last January by the biggest year-on-year increase since April 2021.
“But January’s figures are just a snapshot and don’t paint the full picture. Sales from November to January struggled to stay in positive territory and were given a good kick by the amount being spent at the pump.
“It’s clear consumers are still under pressure and still making complicated decisions about where to spend every penny.”
