Barclays – Retail sales, Great Britain: November 2021
Commenting on today’s ONS Retail Sales figures, Euan Murray, relationship director and retail sector expert at Barclays Corporate Banking, Scotland said:
“Last month’s retail spending increased by nearly 5% versus 2020. Black Friday was exactly the success that the Scottish retail industry had been hoping for, with an increase in sales and lower prices for consumers.
“However, while clothing and ‘hair & beauty’ spend performed well in November as consumers in Scotland prepared for Christmas parties and gatherings, early festive spend was nowhere near as strong as retailers expected.
“Retailers across Scotland will now be worried about the impact of the new Omicron variant on consumer confidence. Concerns about Covid would normally drive consumers online, but issues with delivery and product availability mean many could turn to our high streets for their final items of Christmas shopping.
“Increasing costs are also on the mind of Scottish retailers, with each of them having to decide how much they can absorb and how much will need to be passed onto consumers.”