British retail sales has been growing at very strong rate.
The finding comes from results of the quarterly Distributive Trades Survey, conducted by the Confederation of British Industry (CBI), which included 125 different firms.
This represents yet another quarter of growth across a whole range of different retail sectors with sales above average for the time of the year.
In addition wholesaling and automobile sales have increased over the past year. The majority of retailers reported that they expect their business situation to improve over the next few months.
The retail sector experienced the fastest increase in employment since 2002 and this trend is only expected to continue.
The U.K. economy seems to be recovering. Recently the CBI raised its growth forecasts for 2013 and 2014.
The Asda Chief Merchandising Officer for Food, and Chair of the CBI Distributive Trades Survey Panel, Barry Williams, said:
“The feel-good factor from the heatwave, summer sales, royal baby fever and sporting victories has helped boost the high street, with clothing retailers and grocers benefiting in particular. A rise in spending is welcome news, but the bottom line is that confidence will not bounce back fully until family finances improve further.”
“Retailers expect another similarly strong month of sales growth in September, but this isn’t a time to rest on our laurels as shoppers may return to cautious spending until they see a sustained improvement to the pound in their pocket or, dare I say it in August, until the festive spirit kicks in.”
- Nearly half of the survey respondents revealed that their sales were higher than the year before.
- Retailers expect to experience a similar rate of growth next month.
- Substantial increase in sales in sub sectors such as clothing, grocers, and recreational goods.
- Over a third of wholesalers had sales volumes that were higher than last year.
- 93% of motor traders said their sales volumes were higher than 2012.