Britain’s retailers suffered their worst Christmas sales since the depths of the global financial crisis a decade ago, with steep discounts failing to persuade worried customers to spend more.
A report released Thursday by the British Retail Consortium (BRC) said that retail sales fell by 0.7 percent from December 2017, the most significant fall recorded in a decade.
The figures, obtained on a like-for-like basis, also showed that year-on-year growth for the final month of 2018 was zero percent.
BRC chief executive Helen Dickinson said the sales growth was the lowest recorded for UK retailers in more than two years.
“Squeezed consumers chose not to splash out this Christmas, with retail sales growth stalling for the first time in 28 months,” said Dickinson.
The worst Christmas performance in 10 years meant that UK retailers should be prepared for a dismal start to 2019, she added.
The reduced profitability and growth comes despite…