United Kingdom monthly retail sales volumes dropped to their lowest level since 1983 in April, according to a CBI survey.
According to the survey, retail sales volumes for this time of year were judged to be ‘poor’, dropping to -68 from -52 in March. Sales are expected to continue to decline at a sharp pace next month.
According to Reuters, 77% of firms reported that sales were down compared to a year ago, while only 9% reported a sales increase.
Retail sales for the time of year were judged to be “poor” in April, reaching -32 and are set to plunge even further to -43.
Online retail sales volumes had the most negative outlook of -68 from -58 in March, but are expected to recover at a modest pace next month.
CBI lead economist Martin Sartorius said many firms reported headwinds from high costs and muted demands following the war in Iran, and that conditions deteriorated in April on the back of weaker consumer confidence.
“With the economic impact of the Iran conflict becoming clearer, firms will be looking to government to recognise that easing cost of living pressures depends on tackling the cost of doing business,” Sartorius said.
“For the distribution sector, that means securing appropriate landing zones on the Employment Rights Act, delivering meaningful business rates reform, and exploring further how non-energy policy costs can be removed from electricity bills.”
