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Financial News: UK Retailers Expect Sales To Fall At Sharper

UK Retailers Expect Sales To Fall At Sharper Pace In August: CBI

07/26/2022 - 06:37:00 (RTTNews)

(RTTNews) - UK retailers expect sales volume to decline more markedly next month as consumers struggle to cope with the effects of the cost of living crisis, the Distributive Trades Survey results from the Confederation of British Industry showed on Tuesday.

A net 4 percent of retailers reported a fall in sales volume in July compared to -5 percent in June. This was the fourth consecutive month in which sales volumes have failed to grow.

However, a net 14 percent expect sales to decline again in August.

Internet sales volumes continued to contract in July, with a net balance of -37 percent reporting a decline. This marks the sixth consecutive monthly fall in internet sales. A net 22 percent forecast another decline in August.

Wholesale sales volumes also fell in the year to July. The net balance decreased to -13 percent from +4 percent in June. This was the first drop in sales since March 2021.

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