Retail / news
UK retail sales slump deepens in June, CBI survey finds
British retail sales fell further in June, remaining well below seasonal norms, according to the latest CBI distributive trades survey, signaling a deepening downturn in the sector.
The Confederation of British Industry’s monthly retail sales balance dropped to -24 in June from -10 in May, marking the third consecutive negative reading. The survey, conducted between May 30 and June 14, showed 36% of retailers reported sales volumes fell, while 12% saw a rise.
Retailers also expect the downturn to persist next month, with the anticipated sales balance at -19. The data adds to evidence of a broader economic slowdown in the UK, as consumer spending remains under pressure from high inflation and interest rates.
The CBI noted that sales for the time of year were “far below” normal levels, with the June reading the weakest since March. Wholesale and durable goods sectors were particularly hard hit, while clothing and footwear saw a slight improvement but remained negative.