June Retail Sales Take Dive as Britons Tighten their Belts

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22nd June 2012 14:53 - Retail

The CBI’s latest Distributive Trades Survey has found that UK retail sales took a dip this month, compared to the growth seen during May.

The study measured the period from 27 May to 15 June. In total, 17% of retailers said sales were good for this time of the year, but 36% claimed they were bad, resulting in a rounded negative balance of -19%.

The survey also revealed that 33% of retailers have reported a volume sales increase on a year ago, while 34% experienced a fall, producing a rounded balance of -2%. This means that June has shown the first fall in sales for a year, reversing an 18% gain experienced last month.

Chair of the CBI Distributive Trades Panel, Judith McKenna, concluded: “After a year of growth, high street sales volumes fizzled out in June... Consumers are really feeling the pinch as disposable incomes continue to be squeezed by rising prices and weak earnings growth.”

She added: “The cost of living is increasing and petrol prices have risen particularly sharply. Shoppers are budgeting hard and cutting back on their discretionary spending, such as on clothes and big ticket household goods.”

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