- Barry Williams, the CBI's distributive trades chairman and chief customer officer at supermarket chain Asda
British retail sales grew slightly less than expected in the run-up to Christmas and the outlook for January sales figures was weak, according to the Confederation of British Industry's survey. The retail sales balance climbed to +19 in December from a nine-month low of +7 in November, albeit it was below a median forecast of +21. The findings showed Black Friday shopping spree and promotions were among the main drivers, with internet sales volumes surging at their quickest pace since April. Among the sectors, food outlets reported robust sales, as did clothing shops, whereas footwear and leather sales growth fell.
According to the official data, retail sales rebounded sharply in November by 1.7%. A less volatile quarterly gauge of total sales volumes in the three months to November showed an advance of 2.1%, which was the 23rd straight month of quarterly growth, and up from a rise of 1% in the third quarter, the ONS said. British consumers have fuelled the country's economic recovery over the past two years, helped by a plunge in inflation to around zero. However, wage growth remains weak and has not recovered its levels of before the financial crisis.
© Dukascopy Bank SA