WiredGov Newswire (news from other organisations)
Printable version

Retail sales recover from last month's decline - CBI monthly Distributive Trades Survey

Retail sales volumes grew at a solid pace in the year to October, following last month’s decline, according to the latest CBI Distributive Trades Survey. Next month, retailers expect sales volumes to fall again, but at a slow pace.

  • Retail sales volumes grew at a firm rate in the year to October (+18%), recovering from last month’s decline (-20%). Retailers expect sales volumes to fall at a modest pace next month (-9%).
  • Retail sales were seen as good for the time of year in October (+20%), following slightly disappointing seasonal volumes last month (-7%). Retailers expect that sales will be broadly in line with seasonal norms next month (+2%).
  • Orders placed upon suppliers were broadly unchanged in the year to October (-1% from -16% in September). Orders are expected to decline at a firm pace next month (-16%).
  • Retailers viewed stocks in October as “too high” relative to expected sales to the same extent as last month (+8% from +8% in September). Stock positions are expected to ease in November to be broadly “adequate” (+3%).
  • Wholesale sales volumes were broadly flat in the year to October (+3% from -21% in September) and are expected to remain unchanged next month (+2%).

Martin Sartorius, CBI Principal Economist, said:

“Retail sales volumes recovered to grow at a firm pace this month, but retailers continue to face a challenging operating environment due to rising costs, higher interest rates, and labour shortages.

“The Government must continue in its efforts to re-establish macroeconomic stability and restore business confidence. Delivering comprehensive reform on business rates and the Apprenticeship Levy would be helpful first steps to encourage business investment through these difficult times.”

Original article link: https://www.cbi.org.uk/media-centre/articles/retail-sales-recover-from-last-months-decline-cbi-monthly-distributive-trades-survey/

Share this article

Latest News from
WiredGov Newswire (news from other organisations)

If you think compliance is hard, try non-compliance