British consumers increase spending at fastest pace in almost 4 years
Retail sales volumes in Britain rose in January at the fastest annual pace in almost four years, according to official data that suggests consumers are becoming happier to spend after a weak end to the economy in 2025.
Retail sales volumes - which cover purchases made both in-store and online - rose 4.5% from a year earlier, the biggest increase since February 2022 and exceeding all forecasts in a Reuters poll.
Compared with a month earlier, sales volumes rose 1.8%, exceeding the median forecast for a 0.2% increase and much stronger than December's 0.4% increase.
The monthly increase reflected strong sales of art and antiques, along with continued demand from online jewelers, the Office for National Statistics said. Some analysts have attributed the demand to gold purchases by investors looking to profit from rising prices for the precious metal.
Overall sales volumes, excluding gasoline, rose 2.0% in January from December.
January's monthly growth was the fastest since May 2024, before Prime Minister Keir Starmer came to power, and marked an improvement after a gloomy sentiment about the economy last year.
Britain's economy barely grew at the end of 2025, figures showed last week, and the Bank of England this month cut its growth forecast for 2026 to 0.9% from 1.2%.
However, some business surveys have shown an increase in activity in early 2026.
The Bank of England is widely expected to cut interest rates by a quarter of a percentage point to 3.5% in March as it responds to cooling inflation and a slowing jobs market.
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