New data from the BRC and KPMG revealed that the increase was below the 3-month average growth of 1.6% and above the 12-month average growth of 0.6%.

In the five weeks to 5 April, food sales increased by 1.6% year on year in March, against a growth of 8.3% in March 2024. This was below the 3-month average growth of 2.3% and below the 12-month average growth of 2.2%.

Non-food sales also increased by 0.6% year on year in March, against a decline of 0.4% in March 2024. This was below the 3-month average growth of 1.1% and above the 12-month average decline of 0.8%.

In-store non-food sales decreased by 0.1% year on year in March, against a growth of 0.1% in March 2024, while online non-food sales increased by 1.8% year on year, against a decline of 1.4% the year prior.

Jewellery and beauty products sales were also boosted by Mother’s Day, but bigger ticket items like furniture remained weak.

The BRC noted that the current data distorts the year on year sales comparisons for the period due to the fact that Easter falls in April while last year it fell in March, resulting in an “artificially higher” April.

Helen Dickinson, chief executive of the BRC, said: “Despite a challenging global geopolitical landscape, the small increase in both food and non-food sales masked signs of underlying strengthening of demand given March 2025’s comparison with last year’s early Easter. Retailers are making final preparations for Easter, with food expected to be the big winner next month.

“Since the start of April, retailers have had to contend with £5bn of new government-imposed costs as a result of increases to the National Living Wage and National Insurance. This rises to £7bn when the new packaging tax comes into effect in October and will undoubtedly increase inflation later in the year and hold back critical investment in high streets across the country.”

She continued: “The government has ample opportunities to kick start that investment by ensuring that no shop pays more as part of their planned reforms to business rates and that the Employment Rights Bill doesn’t reduce the availability of entry level and part time jobs. Investment and growth are what the economy needs right now.”

Linda Ellett, UK head of consumer, retail and leisure, KPMG, added: “Amidst downbeat consumer confidence in the UK’s economic outlook, and many households facing rising costs, retail sales growth feels an achievement. But with non-food sales only climbing around 1% on average, competition means there are some retailers really struggling whilst others win, especially online. Retailers will be pushing for higher growth rates as we move toward summer and holiday season, particularly as they are now paying higher wage costs and facing volatility and potential impact on their supply chains due to global tariffs.”

The group’s four jewellery maisons, Buccellati, Cartier, Van Cleef and Arpels and Vhernier’s sales growth was fuelled by the performance of “iconic” jewellery and watch lines supported by novelties which met a strong success, particularly during the festive season.

However, specialist watchmakers sales saw a decline of 8% to €867m (£732.4m).

Sales progressed across almost all regions, with the strongest contribution to growth coming from the Americas, which recorded a 22% rise in sales to €1.67bn (£1.41bn), and Europe which saw a 19% surge in sales to €1.45bn (£1.22bn).

Middle East and Africa’s sales also increased by 21% to €542m (£457.9m), while Japan’s sales increased 15% to €592m (£500.1m).

Asia Pacific was the only region whose sales contracted by 7% to €1.91bn (£1.61bn), largely the result of an 18% decline in Mainland China, Hong Kong and Macau combined, primarily impacted by continued weak demand in Mainland China.

All distribution channels also recorded a rise in sales. Retail sales increased by 11% to €4.38bn (£3.70bn), with growth in almost all regions.

Wholesale sales were up 4% to €1.39bn (£1.17bn), while online retail sales were also up 17% to €419m (£353.9m).

All distribution channel sales were boosted by the solid performance at the jewellery maisons and other business areas.

However, the diamond trade entered 2025 with caution due to the sluggish consumer demand in the US and competition from the synthetics market.

Rapaport reduced prices on the Rapaport Price List on 3 January 2025, in response to steady but deep trading discounts.

The RapNet Diamond Index (RAPI) for 1-carat diamonds, reflecting round, D to H, IF to VS2 goods, decreased 0.5% in December.

However, the index for 0.30-carat diamonds rose 1% as improvements in D to F, VVS items outweighed declines in G to H, VS1 to VS2 categories. The 0.50-carat RAPI also increased 0.8%, and 3-carat prices climbed 0.2%.

According to the report, the month capped off a difficult 2024. RAPI for 1 carat fell 23% for the year amid synthetics competition and a drop in Chinese demand.

SIs, which the RAPI excludes, saw a more negative price trend after outperforming the higher clarities for most of 2024. Prices of round, 1-carat, D to H, SI diamonds slid 2.4% in December and 7.4% for the year.

Additionally, the 3 January Rapaport Price List changes, for 603 categories in rounds and 305 in pears, reflected the 2024 price declines in the market.

The Rapaport Price List for round, 1-carat, D to H, IF to VS2 diamonds fell 13% during 2024, while the RAPI, which tracks actual asking prices on RapNet, fell 23%. For SI diamonds in that size and color range, the Rapaport Price List decreased 3.4%, compared with the 7.4% decline in RapNet asking prices.

US jewellery retail sales fell 2% year on year between 1 November and 24 December, Mastercard SpendingPulse reported. Manufacturers’ sales slowed during December as retailers and wholesalers focused on selling rather than buying. Polished production remains low.

Lastly, the rough market has been in crisis, with uncertainty about supply, demand and prices. Around 10 De Beers sightholders received no allocations for 2025 after missing 2024’s purchase thresholds.
Chinese demand was weak ahead of Lunar New Year, however, India’s jewellery market was robust over the wedding season.

UK total retail sales in December 2024 increased by 3.2% year on year, against a growth of 1.9% in December 2023, according to new data from the BRC and KPMG International.

This was above the three-month average growth of 0.4% and above the 12-month average growth of 0.7%.

The UK total retail sales of 2024 overall increased by 0.7% from 2023, and for the three months to December (the Golden Quarter), sales growth was 0.4% year on year.

Food sales also saw an increase by 1.7% year on year in December, against a growth of 6.3% in December 2023. However, this was below the three-month average growth of 2.1% and below the 12-month average growth of 3.3%.

Meanwhile, non-food sales were up by 4.4% year on year in December, against a decline of 2.1% in December 2023. This was above the three-month average decline of 1.1% and above the 12-month average decline of 1.5%.

In-store non-food sales also increased by 0.4% year on year in December, against a decline of 2.9% in December 2023. This was above the three-month average decline of 2.4% and above the 12-month average decline of 2.2%.

Additionally, online non-food sales increased by 11.1% year on year in December, against a decline of 0.8% in December 2023. This was above the three-month average growth of 1.2% and above the 12-month average decline of 0.4%.

Lastly, the online penetration rate (the proportion of non-food items bought online) increased to 39.6% in December from 37.2% in December 2023. This was above the 12-month average of 36.6%.

Helen Dickinson, chief executive at the British Retail Consortium, said: “Following a challenging year marked by weak consumer confidence and difficult economic conditions, the crucial ‘golden quarter’ failed to give 2024 the send-off retailers were hoping for. Non-food was particularly hard-hit, with sales contracting from the previous year. Food sales fared better over the Christmas period, ticking up slightly from the previous year, meanwhile beauty products, jewellery and electricals made a strong showing under the tree this year.

“While we project sales growth to average 1.2% in 2025, this is below the projected shop price inflation of 1.8%. This means volumes are likely to fall this year, all while the regulatory and tax burden on retailers will increase costs by £7bn from rising National Insurance Contributions, increasing national living wage, confirmed in the Budget, and new packaging levies.”

She added: “With little hope of covering these costs through higher sales, retailers will likely push up prices and cut investment in stores and jobs, harming our high streets and the communities that rely on them. The government must find ways to mitigate this, so that retailers can invest more in growth and jobs, starting with its planned business rates reform where it must ensure that no shop ends up paying higher rates than they do already.”

Linda Ellett, UK head of Consumer, Retail and Leisure, KPMG, added: “With Black Friday falling as late as it did, this year it was part of the Christmas shopping season even more so than in previous years. December, coupled with Black Friday week at the end of November, delivered welcome sales growth for retailers.

“Computing and mobile phones, and beauty products, particularly saw sizable jumps in sales both in-store and online, with the likes of AI-enabled tech and beauty advent calendars boosting festive takings.However, sales growth during the golden quarter of October to December was minimal, reflecting the ongoing careful management of many household budgets during a time when many costs remain at a heightened level compared to past years.”

The group stated that the core pawnbroking business continues to be the foundation of group profits as it is attracting a number of new and returning customers, for whom alternative sources of small sum regulated lending are much constrained.

For the six month period to 30 June 2024, H&T recorded an overall revenue from pawnbroking and personal loans of £120m, up 13% year on year.

However, revenues were still down compared with the record high of £220m during the peak of the cost-of-living crisis in 2022.

Aggregate lending in H1 2024 also increased by 14% to £146m, up from £128m last year, with around 11% of those loans to new borrowers.

The group attributed this increase to broader macro economic conditions and lack of regulated companies offering small, short term loans.

Meanwhile, retail jewellery and watch sales also saw a 27% rise year on year to £29.3m. Margins improved throughout the period to 30% (H1 2023: 28%; FY 2023: 30%), improving further in June and July.

Additionally, H&T also increased its store count from 273 to 281 stores.

Chris Gillespie, H&T chief executive officer, said: “I am pleased to report that we have continued to make positive progress in the first half of 2024. Our core pawnbroking business continues to attract increasing numbers of new and returning customers, for whom alternative sources of small sum regulated lending are much constrained.

“Retail sales have also been encouraging, with margins on all product categories improving in the second quarter and expected to further improve through the remainder of 2024. This performance has been supported by growing demand for our foreign currency service and improved margins on over-the-counter gold purchase. Maxcroft has performed well since the acquisition in February.”

He added: “We have begun to apply our learnings from their foreign currency business to selected H&T stores, and we have seen an increase in footfall and sales as a result. I am extremely proud of the whole H&T team. They deliver outstanding levels of service. They are, and always will be, our greatest asset and I thank them for everything they do for H&T, our customers and stakeholders. We remain focused on growing and broadening our core pawnbroking business and investing in the store estate.”

The RapNet Diamond Index (RAPI™) for 1-carat goods, reflecting round, D to H, IF to VS2 diamonds, slid 7.3% in July, the steepest monthly decline for that size since December 2008.

Meanwhile, the RAPI of the 0.30-carat, 0.50-carat and 3-carat stones declined 8.9%, 7.9%, and 5.8% respectfully.

However, SI (Slightly Included) diamonds saw a “moderate” decline of 3.2% due to steady demand from the US market.

Weak sales also led to an increase in polished inventory. The number of diamonds on RapNet increased by 2% in July for a total of 1.7 million and jumped 9% between 1 April and 1 August.

As a result, Indian diamond manufacturers reduced their production in July to realign their inventory with current demand. The report stated that these cuts will take six weeks before it impacts inventory levels.

Additionally, rough diamond demand was sluggish. De Beers allowed sightholders to refuse goods at its July sight and offered 30% buybacks for certain categories. Sales were estimated to be under $200m (£156.7m).

The report stated that luxury brands also bought fewer diamonds than in previous years, creating weakness in high-end goods. LVMH’s jewellery and watch sales declined 5% year on year to $5.58bn (£4.37m) in the first half of 2024.

According to LVMH, slow US bridal demand had put pressure on Tiffany and Co.

Sales in China also remained weak due to the slow economy and due to shoppers shifting away from diamonds as an investment. The report highlighted that consumers with money preferred to spend at overseas tourist destinations rather than domestically.

Lastly, India’s jewellery industry expects the India International Jewellery Show (IIJS), which runs from 8 to 13 August, to signal strong domestic demand ahead of Diwali.

The latest figures from BRC’s and KPMG’s retail sales monitor revealed that food sales increased 1.1% year-on-year over the three months to June, against an increase of 9.8% in June 2023. This is below the 12-month average growth of 5.5%.

Non-food sales however decreased 2.9% year on year over the three-months to June, against growth of 0.3% in June 2023. This is steeper than the 12-month average decline of 1.9%.

Meanwhile, In-store Non-Food sales over the three months to June decreased 3.7% year on year, against an improvement of 2.0% in June 2023. Online Non-Food sales also decreased by 0.7% year on year in June, against an average decline of 1.0% in June 2023.

It comes as the online penetration rate – the proportion of Non-Food items bought online – increased to 36.2% in June from 35.2% in June 2023.

Helen Dickinson OBE, chief executive of the BRC, said: “Retail sales performed poorly in June as the cooler weather during the first half of the month dulled consumer spending. Sales of weather-sensitive categories such as clothing and footwear, as well as DIY and gardening were hit particularly hard, especially compared to the surge in spending during last June’s heatwave.

“Electronics sales had a better month as football fans cheering on their national teams upgraded their home entertainment systems and people replaced their pandemic purchases. Retailers remain hopeful that as the summer social season gets into full swing and the weather improves, sales will follow suit.”

She added: “The retail industry is vital to the nation’s economy as an important source of employment and investment. The industry shapes local communities and provides three million jobs across the country. Through its scale and reach, retail can make a huge contribution to Labour’s policy goals, and the industry stands ready to work with the new Government to find ways to make this happen.”

Linda Ellett, UK head of Consumer, Retail and Leisure, KPMG, said: “Summer may finally have arrived, but it did little to persuade consumers to hit the shops, with retail sales flatlining at 0.2% in June. Items for the home topped the best-selling categories, with homewares, cooking accessories and furniture all seeing positive growth in June as consumers made the most of the sunshine to enjoy time at home.

“…Despite pressure on household finances easing, with petrol and energy costs and shop price inflation all continuing to fall, consumers remain incredibly reluctant to take the brakes off of their spending. The stimulus of good weather, Wimbledon and Euro 24, which was hoped would drive consumer spending, has so far failed to materialise and financial concerns remain with many households.”

She concluded: “Retailers, who are running to stand still at the moment, having exhausted all of the levers they have at their disposal to cut costs and drive sales via promotions, will be looking to the new Government to boost the economy and confidence. The overall economic conditions may slowly be improving, but the health of the sector remains fragile, and action is needed now to help support this vital economic contributor – particularly around neglected areas such as business rate reform.”

This was above the 3-month average growth of 0.3% and below the 12-month average growth of 2.0%.

Food sales increased 3.6% year on year over the three months to May, compared to 9.6% in May 2023, which is below the 12-month average growth of 6.4%.

However, non-food sales decreased 2.4% year on year over the three-months to May, which is steeper than the 12-month average decline of 1.7%.

In-store non-food sales over the three months to May decreased 2.7% year on year, while online non-food sales increased by 1.5% in May, against an average decline of 3% in May 2023.

Helen Dickinson OBE, chief executive of the British Retail Consortium, said: “Despite a strong bank holiday weekend for retailers, minimal improvement to weather across most of May meant only a modest rebound in retail sales last month.

“With an election only four weeks away, retailers stand ready to collaborate with the next government to unlock economic potential, benefiting customers, employees, and communities alike.Retail really is the “everywhere economy”, and with the right policy environment can use its scale and reach to support public policy goals.”

Linda Ellett, UK head of consumer, retail and leisure, KPMG, said: “Whilst sales growth was minimal, it could point to some signs of recovery for the sector, and retailers will be eager for that trend to continue as they carefully maintain their pricing, stock and cost base.

“Over the coming weeks retailers will be hoping that warmer weather, purchases related to summer holiday demand and Euro 2024 provide a stimulus to get consumers buying again. The economy may be improving, but the health of the sector remains fragile, with major investment held back by many until there are clear signs that consumer confidence has turned into spending.”

However, the group’s operating profit dropped by 5% to €4.8bn (£4.11bn). Profit for the year from continuing operations, which incorporated net one-time unallocated charges of €58m (£49.6m), was solid at €3.8bn (£3.25bn).

The overall profit for the year amounted to €2.3bn (£1.97bn) after a €1.5bn (£1.28bn) loss for the year from discontinued operations, primarily due to a €1.3bn (£1.11bn) write down of the net assets held for sale to fair value.

At actual exchange rates, sales at the Jewellery Maisons rose by 6%, reflecting growth across all regions, and in both retail and wholesale; growth at constant exchange rates reached 12%.

The 6% sales increase was underpinned by growth across price points and regions and included a sharp double-digit progression at Buccellati.

Moreover, the group’s Jewellery Maisons, Buccellati, Cartier and Van Cleef and Arpels, delivered a solid 33.1% operating margin, with combined sales exceeding the €14bn (£11.9bn) mark.

To accompany the three Maisons’ development, Richemont has stepped up investments in manufacturing, distribution and communication.

Additionally, the group’s Specialist Watchmakers delivered a resilient 15.2% operating margin given a strong Swiss franc, on sales 3% lower year-on-year to €3.8bn (£3.25bn).

A. Lange and Söhne and Vacheron Constantin also recorded robust performances. Overall, sales in the retail channel also performed strongly and combined with online retail sales accounted for 60% of the Specialist Watchmakers’ sales.

Richemont also announced it has appointed Nicolas Bos, currently chief executive of Van Cleef and Arpels, to the re-established role of chief executive officer of Richemont effective 1 June 2024, and Bram Schot as non-executive deputy chairman of the board effective 11 September 2024.

Johann Rupert, chairman of Richemont, said: “I am truly delighted that Nicolas has accepted to assume the re-established role of chief executive officer of Richemont. His vision and ability to uphold Van Cleef and Arpels’ tradition of excellence and creativity have been critical to the Maison’s remarkable growth. Building on Richemont’s expanded scale and stronger focus on retail and jewellery, Nicolas will steer the group through the next phase of its evolution. The re-established CEO role will help streamline decision making and optimise operational management.”

This was above the three-month average growth of 1.9% and below the 12-month average growth of 3.4%.

The BRC said the decline in growth was caused by easing inflation and weak consumer demand as the cost of living crisis rolls into its third year.

Food sales increased 6.3% year on year over the three months to January, against a growth of 8.0% in January 2023.

Non-food sales decreased 1.8% year on year over the three-months to January, against a growth of 2.9% in January 2023, this is steeper than the 12-month average decline of 0.5%.

Over the three months to January, in-store non-food sales decreased 1.5% year on year, against a growth of 7.2% in January 2023.

The proportion of non-food items bought online decreased to 35.0% in January from 35.4% in January 2023.

Helen Dickinson OBE, chief executive of the BRC, said: While the January sales helped to boost spending in the first two weeks, this did not sustain throughout the month. Larger purchases, such as furniture, household appliances, and electricals, remained weak as the higher cost of living continued into its third year.

“The milder temperatures meant clothing sales performed poorly, particularly winter clothing and footwear. It was better news for health and beauty products, which continued to sell extremely well.

She added: “With the Spring Budget in sight, and a general election looming, government cannot afford to ignore the needs of retailers and their customers. Employing three million people and supporting families and communities in every corner of the country, retail is the ‘everywhere economy’.

“By addressing the cumulative burdens, from business rates’ rises, to ill-conceived new recycling proposals to border control costs, the next government can unlock retail investment and boost local and national economic growth.”