Next says British shoppers spent more than expected at Christmas

But British retailer doubts shoppers’ resilience will last in 2023 amid cost-of-living crisis

Shoppers walk past a Next store on Oxford Street in London, Britain. Picture: SIMON DAWSON/REUTERS

Britain is now 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.

With 500 stores and a big online presence, Next is viewed as a gauge of how consumers in Britain are faring. CEO Simon Wolfson said coats and winter clothes sales benefited from cold weather in December. On Tuesday, the British arm of German discount supermarket group Aldi said its December sales rose 26% compared to the previous year, another sign of the hunt for savings from cash-strapped shoppers.

Shopper numbers across Britain in December rose 5.8% from November and were up 9.9% compared to 2021, research company Springboard said.Mid-market retailers, such as Next, are likely to be squeezed particularly going forward, as value end and luxury goods seem to be holding up.

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