Explore the latest findings from the Confederation of British Industry's Distributive Trades Survey, revealing a sharp decline in UK retail sales volume. Uncover the implications and outlook for the retail sector.
Retail sales in the UK witnessed a significant decrease in volume during the year to April, following a period of relative stability in March, as per the CBI survey.
Projections indicate that retail sales are expected to continue declining in the coming month; however, the pace of decline is anticipated to slow down, with a projected decrease of 19%.
Orders placed on suppliers experienced a steep decline of 49% in April, marking a notable drop for the twelfth consecutive month, with expectations indicating a further decrease albeit at a slower rate.
Retailers reported sales below 'average' for this time of year, marking a decline from the previous month, and are anticipated to persist below seasonal norms in the upcoming month as well.
Despite an improvement in retailers' stock positions compared to the previous month, stock adequacy remains below the long-run average. CBI's lead economist highlights challenges in the retail sector amid hopes for growth driven by falling inflation and increasing real earnings.
Know about the CBI survey results to understand the factors behind the significant drop in retail sales and its potential impact on the economy.
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