Retail sales volumes in the UK fell by 18% in November 2024, following a 6% drop in October, exceeding market expectations of a 14% decline, according to the CBI Distributive Trades Survey.
UK retail volumes sink in November
While the result indicated a moderate slowdown in retail, the survey highlighted a significant drop in sector confidence. Retailers' sentiment for the next three months saw its steepest decline in two years, prompting expectations of weaker annual sales heading into the crucial December period.
Retailers may cut investments
As a result, retailers are anticipated to cut back on investment over the coming year, and retail employment continued to decline. Additionally, inflation in selling prices eased, remaining below the average for the third consecutive quarterly survey.
