The UK high street is facing a disappointing festive season as concerns over Brexit cause shoppers to rein in their spending.
Data from the Centre for Retail Research commissioned by Voucher Codes shows consumer spending is set to rise by just 0.8% over the key peak trading period, the slowest rate of growth for three years. The annual Shopping for Christmas report also warns that consumer confidence has hit a 10-year low as amid Brexit worries.
The report said: ”Lower growth in 2019, a fall in consumer confidence before Brexit and lower expectations about earnings in November 2019 to December 2020 will probably cause shoppers to spend less.”
”If there is no Brexit deal, then Christmas spending is likely to be adversely affected. If lorries are stranded at ports, for example, economic life suffers immediately. In this instance, the growth in retail sales this Christmas in the UK may fall from 0.8 per cent to 0.2 per cent.”