;
COVID-19 SERVICE: We are heightening our efforts to assist the UK retail & leisure industry through this challenging period. Explore this service now… COVID-19 SERVICE

UK Retail Economic Briefing Report summary

March 2022

Period covered: Period covered: March 2022

Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Become a member to access this data or take out a free 30 day membership trial now.

Economic activity

UK GDP increased by 00% in Q4 2021, upwardly revised from an initial estimate of 1.0%. GDP is now 00% below Q4 2019’s pre-pandemic levels.

Services output rose by 00% in Q4 (revised up from 1.2%), driven by Human Health & Social Work activities, which offset weakness in accommodation and foodservices due to Omicron.

OBR has revised down its GDP forecast for 2022 from 6.0% to 00%, reflecting greater economic uncertainty following Russia’s invasion of Ukraine.

Confidence

GfK’s Consumer Confidence score nosedived in March, falling by 00 points to 00, the lowest level since November 2020 at the height of the pandemic.

All five measures were down, including a nine-point drop in the major purchases index.

Business confidence fell by 00 points to 00% in March, the biggest one-month decline since the early days of the pandemic.

Inflation

CPI inflation rose to 00% YoY (from 00% last month) – at least a 30-year high.

The biggest squeeze on household disposable incomes since the 1970s is being driven by record rises in energy bills along with rising council tax, higher national insurance, and surging prices of everyday staples like food and fuel.

Inflation is expected to reach over 00% in the second quarter, and could hit as high as 00% in the Autumn when the next round of energy price rises are implemented.

Credit and Housing Market

The latest data shows that the housing market continues to…

Take out a FREE 30 day membership trial to read the full report.

 

Household consumption by sub-sector, Q4 2021 vs Q4 2019

Source: ONS, Retail Economics

Need insights from our latest report?

UK Retail Economic Briefing Report: August 2022

Access this report with a FREE 30 day subscription trial!

  • Summary and economic overview
  • GDP
  • Labour market statistics
  • Inflationary trends
  • Producer prices pressures
  • Consumer spending
  • Retail sales trends
  • Prices, costs and margins
  • House prices and mortgage approvals
  • Credit market statistics
  • Consumer Confidence
  • Wage Growth and more…