Retail sales growth in UK slides as Omicron fears keep shoppers away

British retail sales growth fell sharply in the first half of December as concerns about the Omicron variant of coronavirus kept shoppers away, a monthly survey showed on Tuesday.

The Confederation of British Industry’s (CBI) retail sales volume gauge slumped to +8 in December from +39 in November, its lowest reading since retailers were last in lockdown, in March. The survey was based on responses from 41 retail chains between November 24th and December 14th.

“Our December survey confirms what we’ve been hearing anecdotally about Omicron’s chilling impact on activity on the high street, with retail sales growth slowing and expectations for the coming month sharply downgraded,” CBI economist Ben Jones said.

“It’s crucial that the government takes steps to help society live confidently with the virus, including meaningful dialogue between business, government and unions to assess the impact of restrictions and the need for future support,” Mr Jones said.

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The increase in cases has been especially sharp in London. Shopper numbers fell 8.5 per cent in central London last weekend and by less in other city centres, according to figures from market research company Springboard published on Monday, while the hospitality industry says takings were down by 40 per cent.

The CBI survey showed retailers expected sales to be roughly normal for the time of year in December – having been well above in November – and to be below normal in January. Retailers had plenty of stock for now, but feared staff absences could lead to renewed disruption of supply chains next month, the CBI added.

– Reuters