LONDON
,
October 27, 2023
(press release)
–
Retail sales volumes fell sharply in the year to October, according to the latest quarterly CBI Distributive Trades Survey. Retailers do not anticipate a turnaround in the sector’s fortunes next month, with sales volumes expected to continue falling in the year to November. The key survey findings included: Martin Sartorius, CBI Principal Economist, said: “As the festive period approaches, the retail sector remains in a perilous position. Sales volumes have been falling year-on-year for six months in a row, as cost-of-living concerns and higher interest rates weigh on consumer spending. Retailers expect the downturn in sales to continue next month, albeit at a slower pace. “While slowing inflation should help to bolster households’ income in the coming months, retailers will continue to face headwinds from higher energy and borrowing costs. The Autumn Statement could help relieve some of the tax burden on the sector by freezing business rates from rising with inflation for another year.” In addition, data from the survey showed:
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