Retail sales volumes dropped sharply in the year to March, marking the sector’s sixth consecutive month of decline. That’s according to the latest CBI Distributive Trades Survey
Retailers expect sales to fall again in April, but at a slower rate.
The Confederation of British Industry’s monthly gauge of retail sales fell in the 12 months to March to -41 from -23 in February, the lowest reading since July last year.
Martin Sartorius, Principal Economist, CBI, said:
“Annual retail sales volumes fell markedly in March and are expected to continue declining next month. Firms across the retail and wholesale sectors reported that global trade tensions and the Autumn Budget are weighing on consumer and business confidence, which is leading to reduced demand.
“Tomorrow’s Spring Statement is likely to focus on the persistent challenges facing the UK economy, reinforcing the need for policies that boost businesses’ confidence to invest.
“Reforming business rates, supporting the British Business Bank’s Growth Guarantee Scheme, and properly resourcing the Growth and Skills Levy could support businesses’ investment plans and drive the government’s growth ambitions.”
