UK DIY & Gardening Sector Report summary
January 2024
Period covered: Period covered: 26 November - 30 December 2023
3 minute read
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.
DIY & Gardening Sales
DIY & Gardening sales fell by xx% YoY in December according to the Retail Economics Retail Sales Index (value, non-seasonally adjusted).
ONS data shows the wider Household Goods category faced xx% YoY shop price inflation in October, pointing to a decline in sales volumes.
Indeed, sales volumes in the Household Goods category fell xx% YoY in the month, according to the ONS.
Tough macro backdrop
DIY & Gardening was the xxxx xxxx performing sector on an annual basis in December after xxxx xxxx (xx%).
High living and borrowing costs, as well as the concentration of discretionary spending into hospitality and leisure, put downward pressure on sales volumes in the month.
Inflation increased to 4.0% YoY in December from 3.9% YoY in November, the first rise since February 2023. Nonetheless, inflation was among the lowest rates since September 2021.
Food inflation notably fell sharply from 9.1% in November to 8.0% in December, but remains up 26% in the two years to December 2023.
GfK’s measure of confidence remained stable but firmly negative as a result, increasing two points to -22 in December, while the major purchase index rose by just one point in December to -23.
Although the slight increase points to a more resilient and stable outlook on the economy, the figures are still firmly in negative territory.
Most households shied away from home improvements over the festive period as a result, choosing to spend on gifts and food for gatherings at home where possible.
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Indicators for new buyer enquiries and instructions improve
Source: RICS
