Retailers are far from jubilant in June - CBI Monthly Distributive Trades Survey

23 Jun 2022 11:13 AM

Retail sales volumes fell slightly in the year to June, marking the third successive month in which volumes have failed to grow, according to the latest CBI Distributive Trades Survey. Retailers expect sales volumes to be flat over the year to July.

The key survey findings included:

This survey included 100 companies, including 39 retailers.

Ben Jones, Lead Economist at the CBI, said:   

“Retail volumes are struggling as high inflation eats away at consumers’ budgets. The squeeze on household incomes appears to have offset any boost to activity from the extended Platinum Jubilee bank holiday earlier this month.

“There are also clearer signs that a downturn in consumer spending is beginning to ripple out across the wider distribution sector, with wholesalers seeing a 14-month period of robust sales growth come to a grinding halt this month.

“As business sentiment weakens, government action is needed urgently to prevent a deeper and more prolonged downturn. Creating a permanent investment incentive and tackling skills shortages by introducing immediate flexibility to the apprenticeship levy would be strong first steps for boosting confidence.”