Retail sales show strong yearly growth
30 Jan 2015
Despite slower sales compared to December, the year to January has seen a large improvement in sales volumes, according to the Confederation of British Industry (CBI).
In their latest Distributive Trades Survey of 127 firms, retail growth has been seen in many sectors, including, clothing, groceries, jewellery and second-hand goods. A particular area of growth has been online sales.
CBI Director of Economics, Rain Newton-Smith, said: ‘After the sales bonanza of Black Friday cooled down, retailers saw solid footfall through the doors over the Christmas trading period, leading to further robust growth in sales in the New Year. However, under the spotlight of strong competition, some retailers are feeling the heat on their margins.
‘Falling oil prices and low inflation mean consumers have a bit more money in their pockets. We expect to see this translate into strong growth in the months ahead’.
Out of those surveyed, 50% said that their sales volumes had increased in the year to January. Only 10% said they had seen a decline. 46% expect to see further growth in February, while 4% expected their sales totals to go down.