Christmas cheer for retailers
Nov 27 2009
Retail sales grew at their fastest pace in two years, says business group the confederation of British industry (CBI).
Some 40 per cent of retailers said that their volume of sales in November had risen, while 27 per cent said they had fallen. The resulting balance of 13 per cent was the second consecutive month of growth and the highest balance since November 2007 (+13 per cent).
Of the 158 firms surveyed, 13 per cent said they expect to see an improvement over the next six months – the strongest since May 2004 (22 per cent).
Andy Clarke, chairman of the CBI distributive trades panel, says: ‘It’s reassuring that the high street now has a second month of sales growth behind it, and it looks like December will be even better. A lot of retailers have suffered during 2009, and many are relieved that the year is ending on a more positive note.
‘Despite the more upbeat mood and pre-Christmas sales growth, consumers are still worried about job losses and a weak economy. In 2010 the high street will find that recovery is fragile and slow.’
According to the Office for National Statistics, the value of retail sales rose by 3 per cent in October compared to the same month last year.