December U.K. retail sales projected to match last year's £36.2B in the first post-2008 holiday season without any growth; U.K. retail market likely to remain stagnant until 2013: Deloitte
November 16, 2011
– According to accounting firm Deloitee LLP, the U. K. retail market is projected to remain stagnant until 2013 due to government spending reductions, rising prices and general job insecurity, with December U.K. sales projected to equal last year’s sales of £36.2B (US$57B), reported Bloomberg on Nov. 16.
According to the article, if these projections hold true, it will be the first holiday season without any sales growth post-2008, when consumers began to rein in their spending due to the financial crisis, holiday season without any growth.
Only internet-based retailers such as Amazon or stores with a strong Internet presence are likely to do well. Deloitte projects that December online sales in the U.K. will rise by 15%.
According to Deloitte’s estimation, U.K. online sales in 2011 will be worth £30B.
The primary source of this article is Bloomberg, New York, on Nov. 16, 2011.