Deloitte comments on latest ONS Retail Sales data
23 January 2015
Commenting on today’s ONS retail sales figures, Ian Geddes, UK head of retail at Deloitte, said:
“This was a good Christmas with some strong performances, but it seems the real winner was the consumer. Intense competition and deep discounting both before and after Christmas drove sales but will have hit profits hard. When Black Friday comes next year many retailers will think very carefully about how to maximise the unquestionable customer demand while taking into account how it impacted profitability and trading through the Christmas period. The ONS data highlights the impact Black Friday had on online sales with discounting pulled forward to November.
On the surface 2014 looks like a strong year for UK retail but this doesn’t tell the full story. The market experienced a lot of turmoil during 2014, with severe disruption in the grocery sector and intense price competition in clothing. Looking ahead, 2015 will be a good year for retailers, particularly the first half, with demand rising on the back of higher levels of disposable income fuelled by low inflation and growth in real wages.”
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
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The information contained in this press release is correct at the time of going to press.
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