High Street sales growth falters

CBI survey records a two per cent dip in sales; group's chief warns consumer budgets will get even tighter.
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33 per cent of retailers said sales had increased while 34 per cent reported a drop. This resulted in a sales decline of two per cent - the first time since June 2010 that High Street sales have not grown.

The latest Distributive Sales Survey, conducted between May 27th and June 15th, polled 74 retailers and 51 wholesalers.

The three-month moving average of sales volumes was 12 per cent in June compared to 18 per cent in May. 

For the time of year sales were below par. 17 per cent of retailers said sales were good, while 36 per cent said they were poor, resulting in a balance of -19 per cent.

The survey also found that wholesaler order books were down by five per cent.

Judith McKenna, chair of the CBI Distributive Trades Panel and Asda chief financial officer, said: "After a year of growth, High Street sales volumes fizzled out in June. Consumers are really feeling the pinch.

"The cost of living is increasing and petrol prices have risen particularly sharply. Household budgets are likely to remain tight over the coming months, with inflation edging higher as increases in domestic gas and electricity prices take effect.

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