November 28, 2022 11:00 GMT
CBI Distributive Trades Sees Retail Slump in Early 2023
UK CBI DISTRIBUTIVE TRADES SALES VOL NOV -19 (FCST 2); OCT +18
UK CBI DISTRIBUTIVE TRADES SALES VOL EXPECTED DEC -21
- November proved to be a bleak month in retail, with sales falling at -19% (vs the surprise +18% in October). December sales are anticipated to fall at a slightly faster pace.
- CBI continued to report sales volumes as broadly average and largely expected to remain average, despite business pessimism remaining markedly pessimistic.
- This coincides with consumer confidence hovering around historic lows, as high energy, food and mortgage prices continue to squeeze disposable incomes and consumer demand.
- The report flagged a renewed slowing in employment growth as well as a sharp fall in anticipated investment, which slumped to the greatest extent since the 2020 pandemic onset.
- As such, retail outlooks headed into 2023 remain gloomy and will likely be a drag on growth.
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