Retailers are more optimistic than they have been for six years, according to the latest survey from the CBI.
Almost half – 45% – expect to see stronger sales next month, the most positive result since June 2004, and a third say July sales far exceeded expectations. The high spots were food, footwear and clothing.
Commenting on the survey, Lai Wah Co, the CBI’s head of economic analysis, said: “High street sales have performed well this month, with growth better than retailers predicted. Annual summer discounts and warm weather helped lift sales of clothing, while grocers and durable household goods retailers appear to have benefitted from a World Cup boost to sales of food, drink and new televisions.
“Retailers are optimistic that strong sales growth will continue next month, which is promising. We still expect the recovery in overall consumer spending to be fairly restrained, however, given concerns about the impact of public spending cuts and weak prospects for real take-home pay in the coming year.”