In our report, we look at the relative winners and losers among the UK consumer companies in January 2025. January is a busy month for the consumer analyst as many companies provide updates on how they fared through the crucial final quarter of the year. This is a seasonally important time from a revenue and profit perspective given it includes Black Friday, Christmas, the sales period and a high level of socialising. As we entered the new year, we were a little apprehensive about what might be revealed given the slump in consumer confidence from September 2024, and relatively persistent negative media and business commentary following the Budget. By the end of the month, we found there were more upgrades to estimates than downgrades, but investor caution led to weaker share prices on the whole.