High Street sales 'bounce back'
23 Dec 2013
Retail sales have experienced a welcome recovery in the year to December, according to a new report from the Confederation of British Industry (CBI).
The CBI’s latest Distributive Trades Survey revealed that grocers, department stores and clothing shops saw a strong increase in sales, following a previous fall in the year to November.
Sales are expected to continue to grow strongly in the year to January.
In total, 48% of respondents stated that sales had increased on a year ago, with 31% expecting the growth to continue in January.
Barry Williams, Chair of the CBI Panel said, ‘Customers have clearly held off spending through the Autumn and we’re only now seeing them start to hit the stores’.
‘Retailers are now gearing up for the crucial pre-Christmas week and are optimistic for the new year.’
An estimated 15 million people are expected to visit the shops today, spending an anticipated £2.6m a minute.