Retail sales remained subdued in March, with no discernible difference between the number of retailers posting rising and falling figures, according to the CBI’s Distributive Trades Survey.
While 36 per cent of retailers reported their sales volumes were higher in the first half of March than the same month last year, 35 per cent said they were lower.
The positive balance of 1 per cent was marginally better than retailers’ expectations of a negative 2 per cent balance. In February, the figures showed a negative balance of 3 per cent.
The three-month average sales figure continued its gradual fall from its positive balance peak of 36 per cent last May.
29 per cent of retailers described their sales as poor, compared with 15 per cent that said they were good, a negative balance of 14 per cent.
Perhaps surprisingly, a balance of 58 per cent of shoes and leather goods retailers posted a year-on-year sales rise.
However, demand for big-ticket items continued to fall, with a balance of 77 per cent of retailers of durable household goods posting a sales decline.
CBI chief economic adviser Ian McCafferty said: “This month’s survey has borne out retailers’ expectations that the strong growth enjoyed in 2007 has come to an end. The picture is now of subdued activity as consumers tighten their belts amid the general cooling of activity we are seeing across the whole economy.”
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