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- UK retail sales volume balance fell less than forecast in March - CBI
UK retail sales volume balance fell less than forecast in March - CBI
The Confederation of British Industry (CBI) reported on Wednesday its latest survey of retailers showed retail sales volume balance stood at -3 in the year to March, slightly down from +1 in February. Economist had forecast the reading to decrease to -12.
However, retailers expect sales volumes to drop sharply in the year to April to -26, the weakest expectations since April 2009.
The report also revealed that orders placed on suppliers declined for the eleventh consecutive month in the year to March, and at a slightly faster pace than last month (balance of -19 compared to -13 in February). Orders are also expected to fall further in the year to April to -45, which represents the weakest expectations since April 2009.
In addition, sales were seen as poor for the time of year, but to a lesser extent than last month (balance of -5 compared to -14 in February), but are expected to fall sharply below seasonal norms in the year to April to -42, the greatest extent since February 2009.
In other survey results, wholesaling sales volumes balance rose +24 in the year to March from +7 in February and is expected to show broadly the same growth pace in the year to April (+20).
Ben Jones, CBI Principal Economist, noted: "These are extraordinary times for the retail sector. Grocers are seeing a temporary increase in demand because of coronavirus. But many other retailers are seriously suffering as households put off non-essential purchases and social distancing keeps people away from the High Street."
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