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UK retail sales increased at the fastest pace in two years and the high street is expecting growth to pick up further in the run-up to Christmas, the latest Distributive Trades Survey from the Confederation of British Industry showed Thursday.
Around 40% of retailers said that their volume of sales in the year to November had increased, while 27% said they fell. The resulting balance of plus 13% reflected a second straight month of growth and the highest balance since November 2007. The survey found that a balance of 19% of retailers expect sales volumes to improve next month in the critical pre-Christmas period. The three month moving average of sales volumes, which smoothes out monthly peaks and troughs, turned positive to 8% and is expected to grow again in December.
Further, the survey showed that the balance of 13% of firms expect an improvement in general business situation over the next three months, which was the first positive result since August 2007 and the strongest since May 2004.
Andy Clarke, Chairman of the CBI Distributive Trades Panel, and Chief Operating Officer of Asda said, "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."
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