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Retail sales boosted by Black Friday Retail sales boosted by Black Friday
(35 minutes later)
UK retail sales rose at their fastest annual rate in more than 10 years in November, thanks to the effects of Black Friday, official figures show.UK retail sales rose at their fastest annual rate in more than 10 years in November, thanks to the effects of Black Friday, official figures show.
Sales rose 6.4% compared with November last year, the highest annual increase since May 2004.Sales rose 6.4% compared with November last year, the highest annual increase since May 2004.
On a monthly basis they rose by 1.6%, with growth in all areas for the first time since December 2013.On a monthly basis they rose by 1.6%, with growth in all areas for the first time since December 2013.
US-style discounts for Black Friday took off in the UK this year, with stores seeing record sales.US-style discounts for Black Friday took off in the UK this year, with stores seeing record sales.
Electrical goods sales jumped 32% from a year earlier and sales at department stores were up 15%, both of which were the biggest increases since records began in 1988, the Office for National Statistics said.Electrical goods sales jumped 32% from a year earlier and sales at department stores were up 15%, both of which were the biggest increases since records began in 1988, the Office for National Statistics said.
Online sales increased by 12.9% compared with last year.Online sales increased by 12.9% compared with last year.
Lower prices
"These numbers verify the shift in spending patterns happening in the final quarter of the year. Black Friday led to unprecedented demand," said Natalie Berg from Planet Retail."These numbers verify the shift in spending patterns happening in the final quarter of the year. Black Friday led to unprecedented demand," said Natalie Berg from Planet Retail.
"What we don't know is to what extent did this simply bring spending forward," she continued. "I suspect it slowed in the first couple of weeks in December.""What we don't know is to what extent did this simply bring spending forward," she continued. "I suspect it slowed in the first couple of weeks in December."
Average retail prices fell by 2% compared with last year, the largest fall since August 2002, mainly due to the large drop in petrol prices.Average retail prices fell by 2% compared with last year, the largest fall since August 2002, mainly due to the large drop in petrol prices.
Prices at food stores were also lower, recording their largest fall in since June 2002.Prices at food stores were also lower, recording their largest fall in since June 2002.
"The decline in store prices reflects fierce competition in the retail sector and provides further evidence that inflation will fall below 1% in the coming months," said David Kern, chief economist at the British Chambers of Commerce (BCC), a group which represents businesses.
Ian Geddes, UK head of retail at Deloitte, pointed out that for the last two years Black Friday has fallen in the December period.
"This year most of the boost provided by the biggest ever Black Friday has been felt in November, and this is reflected in month-on-month volume growth and strong year-on-year increase online," said Mr Geddes.
"The extent to which sales have been promotionally driven is highlighted by the steepest decline in store prices for 12 years."