27 Jan 2023
A survey carried out by the Confederation of British Industry (CBI) has revealed that retail sales volumes 'fell at a fast pace' in the year to January.
According to the CBI's latest monthly Distributive Trades Survey, retail sales volumes fell from +11% in December to -23% in January. The survey did, however, suggest that these sales figures for January are 'broadly typical for the time of year', and that retailers expect sales to remain in line with seasonal norms in February.
The CBI also found that internet sales volumes declined in the year to January, but at a slower pace than in December.
Commenting on the findings, Martin Sartorius, Principal Economist at the CBI, said: 'Retailers began the new year with a return to falling sales volumes, as the sector continues to face the twin headwinds of rising costs and squeezed household incomes.
'With consumer spending expected to fall throughout 2023, it's important that the government addresses the structural problems holding back retailers. Reforming business rates and the Apprenticeship Levy would unlock much-needed investment and help the UK avoid getting stuck in a rut on growth.'