British shoppers defy cost-of-living crisis at Christmas

Britons spent more than expected over Christmas, Next, one of the country's biggest clothing retailers, said on Thursday in a sign that resilient shoppers helped the sector dodge a cost-of-living crisis that threatened to hit festive sales.

by | 5 Jan, 2023

But a slowdown looms this year, said Next NXT.L warning that British shoppers were set to cut back on spending.

Britain is currently bottom among the Group of Seven major advanced nations in terms of quarterly growth.

In November, the Bank of England forecast Britain was heading into a long recession, with inflation not returning to its 2% target until early 2024, and the government’s budget watchdog predicted the biggest squeeze on living standards since records began in the 1950s.

In the run-up to Christmas, however, Britons opened their wallets. Next’s sales grew by almost 5% compared to last year, beating expectations.

Read more at Reuters

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