Member Article

Retail sales bounced back in January

Figures have shown that UK retail sales recovered in January, after heavy snow caused a large fall in December sales.

According to the Office for National Statistics the volume of retail sales in January rose 1.9% on the previous month.

December’s monthly figure was also revised from an earlier estimate of a 0.8% fall to a 1.4% drop - the biggest December fall since records began.

Over a longer period, sales in November to January were up 0.2% compared with the previous three months.

Year-on-year, sales volumes were up 5.3% in January - the biggest annual increase for more than six years.

The figures were better than expected. Analysts had forecast a monthly rise of 0.5% and an annual increase of 4.1%.

Stephen Patterson, Commercial Manager, NE1 Ltd said: “These statistics demonstrate that people across the UK are spending.

“In Newcastle, NE1’s Alive after Five campaign is helping bring people into the city and they are staying longer and spending more and our initial results are in line with these national figures. We are cautiously optimistic.

“Everyone recognises that 2011 is going to be a tough year economically, but we’re working hard to ensure that if people have money to spend, Newcastle is where they choose to spend it. “

This was posted in Bdaily's Members' News section by Ruth Mitchell .