UK retailers posted the weakest sales since May 2020 amid lockdown restrictions, survey results from the Confederation of British Industry showed Tuesday.
According to Distributive Trades Survey, the retail sales balance fell to -50 percent in January from -3 percent in December. This was the lowest since May 2020. A net 47 percent expects sales to fall again next month.
Similarly, the order book balance declined to -45 percent from -4 percent a month ago. A net 44 percent forecasts orders to drop in February.
At the same time, online sales growth eased slightly to around the long run average, with the balance dropping to +43 percent from +51 percent.
“With the lockdown likely to remain in place in the near-term, retailers expect this weakness to continue,” Ben Jones, CBI Principal Economist, said. It is therefore vital that government support continues in parallel to restrictions.
The material has been provided by InstaForex Company – www.instaforex.com