26 May 2015
UK Retail sales picks up strongly as expectations hit 27-yr high - CBI
FXStreet (Mumbai) - Retail sales surged to the highest level since April 2007 with the firms remaining optimistic that both sales and orders are to rise further next month, the Confederation of British Industries (CBI) informed on Tuesday.
The survey of 134 firms including 63 retailers showed that growth in both the volume of retail sales and orders exceeded expectations in May.
Rain Newton-Smith, CBI Director of Economics notes, “Retailers will be encouraged to see growth in sales and orders on the high street bounding ahead.”
“Low inflation, which we expect to remain below 1% for the rest of the year, has given household incomes a much-needed boost and greater spending power.”
“Overall the outlook is bright for firms on the high street, but challenges still remain, especially for food retailers, who are still feeling the heat of stiff price competition from new entrants to the sector. And investment plans have also taken a hit.”
The survey of 134 firms including 63 retailers showed that growth in both the volume of retail sales and orders exceeded expectations in May.
Rain Newton-Smith, CBI Director of Economics notes, “Retailers will be encouraged to see growth in sales and orders on the high street bounding ahead.”
“Low inflation, which we expect to remain below 1% for the rest of the year, has given household incomes a much-needed boost and greater spending power.”
“Overall the outlook is bright for firms on the high street, but challenges still remain, especially for food retailers, who are still feeling the heat of stiff price competition from new entrants to the sector. And investment plans have also taken a hit.”