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UK's e-commerce sales see 7% YoY decline in January 2024: IMRG

15 Feb '24
2 min read
Pic: Adobe Stock
Pic: Adobe Stock

Insights

  • UK e-commerce sales fell 7 per cent YoY in January 2024, a sharper decline than last year's 3.5 per cent.
  • Weak demand is evident with a notable 10.8 per cent decrease in clothing sales.
  • Post-pandemic, the sector has seen continuous drops, with a stagnant 0 per cent growth forecast for 2024.
  • January's decline is the second-lowest post-lockdown.
The UK’s e-commerce sector has witnessed a sluggish start in 2024, with online revenues dropping 7 per cent year-on-year (YoY) in January 2024, according to the IMRG Online Retail Index. This index, which monitors the online sales performance of over 200 retailers, observed a sharper decline compared to the 3.5 per cent downturn last year.

Although this decline is not the steepest in the index's history—with February 2022 experiencing a 29.6 per cent reduction—the significant drop of that month was attributed to the exceptional growth during the 2020-21 lockdowns, resulting in a skewed YoY comparison. The recent dip in January 2024, however, is indicative of genuinely weak demand.

The slump in sales was felt across various categories, notably in clothing, which suffered a 10.8 per cent YoY decrease.

Following the surge in e-commerce during the pandemic, revenues have been on a downward trajectory, declining 10 per cent YoY in 2022 and 3 per cent YoY in 2023. IMRG forecasts a stagnation with 0 per cent YoY growth projected for 2024.

As the post-Christmas period unfolded, growth rates have significantly lagged behind those of the previous year. This was evident during the payday week commencing January 21, which saw a decline of 9.4 per cent YoY, a stark contrast to the 11.1 per cent decline recorded in the same week in 2023. The 7 per cent decline for January marks the second-lowest rate since the skewed lockdown comparison period in early 2022, with the lowest being December 2022's 9.3 per cent YoY drop.

Fibre2Fashion News Desk (DP)

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