Retail sales numbers in Canada and the United Kingdom grew in November and December.
According to The Wall Street Journal, unusually cold weather conditions in November led to increased retail sales at Black Friday events. Statistics Canada reported last week that retail sales grew by 0.4 percent, far outdoing the 0.2 percent decline that economists predicted. Retail sales gained 4.8 percent year-over-year.
Retail sales also rose in the U.K. in December, Reuters reported. As oil prices fell, British residents bought more gasoline and spent their savings in other areas of the market, strengthening the economic recovery.
Economists were expecting retail sales to be particularly week in December, since the U.K. embraced American-style Black Friday bargains. However, retail sales volume rose by 0.4 percent.
In December, shop prices fell by 2.2 percent year-over-year, and food prices fell by 0.9 percent. These decreased prices and a slight but steady increase in wages encouraged British consumers to make more purchases.
In yearly terms, December sales increased by 4.3 percent, so economists are hoping that the country's economic recovery, which has been flagging, will become re-energized.
"Notwithstanding data concerns, what these data show is that there are good reasons for optimism about the UK outlook," economist Rob Wood told Reuters.
If you own or operate a company, make sure your employees are using a payment processing software that makes transactions simple and efficient, so customers can check out quickly. Your point-of-sale system should also include inventory tracking capabilities and fully integrated omni-channel platforms.
The right POS system can help you analyze your customer data and create customer loyalty programs, so you can establish the best business plan for your company.