According to Jinshi, Scott, investment director of Interactive Investor, said that the data released by the British Retail Association on the slowdown in UK retail sales in January brought a reality test to the optimism surrounding the Christmas season. He believes that although 2024 may be a year of interest rate cuts and real income growth, consumers are still struggling with high prices and higher mortgages, leading to a decline in consumer confidence and reduced spending. Scott pointed out that the current environment is creating a gap in the retail industry, with luxury goods and certain non-essential retailers struggling, while grocers such as Tesco continue to thrive.