The forecast for wages and salaries in retail trade in the UK excluding motor vehicles and motorcycles shows a steady increase from 2024 to 2028. The projected values indicate an annual growth, with a modest year-on-year increase. In 2023, this sector is likely around 52 billion pounds sterling, given the observed trends. The year-on-year variation suggests a consistent growth rate of just under 1.5% per annum. Across the five-year forecast (2024-2028), the compound annual growth rate (CAGR) further confirms sustained incremental growth.
Future trends to watch include potential impacts of automation and technological advancements on retail employment, regulatory changes post-Brexit, and macroeconomic factors such as inflation and consumer spending, which could influence wage growth in the sector.
