💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

UK retail sales pick up ahead of Christmas, January plunge feared - CBI

Published 12/21/2020, 06:17 AM
Updated 12/21/2020, 06:20 AM
© Reuters. FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) in London

LONDON (Reuters) - British retail sales recovered in December as restrictions on shops were eased and consumers bought food and other essentials ahead of Christmas, but the outlook for January was the worst since the summer, a survey showed on Monday.

The Confederation of British said its monthly retail sales balance rose to -3 in December from -25 in November, its highest level in three months.

But the outlook for January was much more negative with a reading of -33.

"It says something about the challenges the retail sector has faced during 2020 that stable sales volumes in the run-up to Christmas were seen as a good result for the time of year," CBI economist Ben Jones said.

"The new year looks set for an unpromising start, with retailers anticipating a sharp fall in sales in January."

The survey was conducted between Nov. 23 and Dec. 14, covering the end of a second English coronavirus lockdown, when non-essential shops were closed - and the return to tiered restrictions.

British Prime Minister Boris Johnson announced on Saturday a new tougher lockdown for London and nearby parts of England.

Grocers, furniture vendors and retailers of other "normal goods," such as cards, flowers and jewellery, saw strong growth, according to the CBI survey.

But clothing, footwear and department stores again reported that volumes were lower than a year earlier.

The CBI said stock levels were viewed as broadly adequate for expected sales, but the balance of responses was the lowest in more than a decade.

© Reuters. FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) in London

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.