The forecasted retail trade sales in the UK show a gradual decline from 2024 to 2028, with values decreasing each year from 1.82 in 2024 to 1.78 in 2028. This suggests a cautious outlook for the retail sector over the mid-term. In 2023, the actual retail trade sales exhibited stronger performance, serving as a baseline for these projections. The year-on-year percentage change indicates consistent but modest declines, aligning with a consumer market experiencing slower economic growth and potential post-Brexit challenges. The five-year compound annual growth rate (CAGR) reflects this steady downturn.
Future trends to watch include the impact of inflationary pressures, changing consumer behavior towards e-commerce, and the effects of macroeconomic policies. Additionally, monitoring sustainability initiatives and digital transformation within the industry could provide opportunities for growth amidst this declining trend.