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Financial News: UK Retail Sales Growth Improves In November: CBI

UK Retail Sales Growth Improves In November: CBI

11/25/2021 - 06:32:00 (RTTNews)

(RTTNews) - UK retailers reported an increase in sales growth in November as clothing and department stores logged a big upward swing in sales volume, the Distributive Trades Survey results from the Confederation of British Industry showed on Thursday.

The retail sales balance rose to 39 percent in November from 30 percent in October. A net 56 percent expects sales to pick up in December.

"Christmas seems to have come early for retailers," Ben Jones, CBI lead economist, said. "It seems likely that reports of supply chain disruptions prompted consumers to start their Christmas shopping early," said Jones.

Meanwhile, the order book balance fell to 30 percent from 48 percent in the previous month. A net 45 percent expects orders to rise next month.

Data showed that internet sales fell for the first time in survey history, with a net 14 percent recording a fall. Nonetheless, internet sales are expected to return to growth next month.

The survey revealed that selling prices grew at the fastest pace since May 1990, with +77 percent reporting an increase. Sales are expected to grow at a broadly similar pace in December.

Retailers were becoming more optimistic, with both employment growth and investment intentions.

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