1 October 2015
Retail sales figures for September surpassed analysts’ expectations – and it is the clothing sector that is leading the way, according to industry body the Confederation of British Industry.
Revealing the results of its monthly Distributive Trades Survey today, the CBI reports that sales volumes were well above the average for this time of year, to the greatest extent since April 2007.
“As the summer has been drawing to a close, consumers have been out on the high street, boosting sales and orders for UK retailers,” says Rain Newton-Smith, CBI’s director of economics. “Low inflation and the recovery in wage growth are helping to stimulate consumer demand, and the clothing and food and drink sectors have led the way. With the general outlook for the UK economy remaining positive, the expectation is that there will be further encouraging results next month.”
Specifically, 60 per cent of retailers polled for the survey reported that sales volumes were up in September, compared with the previous year, while over half revealed that they were expecting sales volumes to increase again in the year to September 2016. More tellingly, a third of those polled said that they had placed more orders with suppliers than they did a year ago – the highest figure since December 2010.
The CBI represents 190,000 businesses across all sectors in the UK, making up around a third of the private sector workforce.