The UK retail sector, excluding motor vehicles and motorcycles, is projected to grow steadily from 2024 to 2028, with output increasing from 177.04 billion Pounds Sterling to 188.37 billion. This forecasted increase suggests modest year-on-year growth rates ranging from 1.6% to 1.7%, signifying a stable expansion trajectory following economic conditions in 2023, where retail output was slightly lower. The compound annual growth rate (CAGR) for this period is anticipated to be approximately 1.5%.
Future trends to watch include shifts in consumer spending habits, the impact of e-commerce on traditional retail models, and the potential effects of inflation and economic policy changes on discretionary spending. Additionally, sustainability and digital transformation are crucial factors likely to influence the sector’s evolution in the coming years.
