(RTTNews) - UK’s retail sales are likely to increase at the end of this year, reflecting Christmas spending, a study commissioned by shopping comparison site Kelkoo and carried out by the Centre for Retail Research revealed Tuesday.

The Centre for Retail Research forecasts retail sales during Christmas to increase 1.9% or GBP 832 million year-on-year to GBP 44.7 billion. The firm believes that this improvement will bring some relief for retailers, who were hard hit by reduced consumer spending in the wake of global economic crisis. It predicted the positive outlook would result in up to 4,500 new jobs by January.

“The peak weeks of Christmas trading are vitally important to retailers as many earn up to 60% of their profits during this period,” said Bruce Fair, Managing Director of Kelkoo UK.

Online spending at Christmas is also set to receive a boost this year compared to conventional stores, the study revealed. It is expected to rise to GBP 8.9 billion in 2009 from GBP 7.2 billion in 2008. “Online spending as a whole continues to fare well, despite the recession,” the report said.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2009 RTTNews.com, Inc. All Rights Reserved

Posted in Categories: Economy, Releases, Stocks, UK.

Subscribe by RSS Subscribe by Email