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Retail sales volumes fell in the year to March, compounding a “subdued start to 2019”, according to the latest monthly CBI Distributive Trades Survey.
The survey of 105 firms, of which 50 were retailers, showed an 18% drop in retail sales volumes, the fastest contraction in 17 months and marking a four-month run in which sales have not grown.
CBI said the results “disappointed retailers’” expectations for strong growth in March, but sales volumes are expected to rise again in April (+15%). Additionally, orders placed on suppliers also fell in the year to March (-13% from +7% in February), but are expected to return to modest growth in April (+6%).
Year-on-year growth in internet sales also slowed in March (+21%) to the lowest rate in 12 months. Growth is expected to pick up in the year to April (+31%).
Anna Leach, CBI head of economic intelligence, said: “Even accounting for Easter timing, the high street’s poor run continues. While real wage growth is picking up, consumer confidence has been hit by escalating uncertainty over Brexit and concern over the economy’s future.
“The pain currently being felt on the High Street is yet another reason why it is so vitally important politicians agree a deal in Parliament that is acceptable to the EU and protects our economy. No-deal must be averted at all costs.”
