Latest data released by CBI - 27 October 2020
- Prior 11
- Total distributive reported sales -23
- Prior -7
This marks a bit of a reality check for the UK economy as retail sales slump heavily in October, falling to a four-month low. The figure underscores the drop in consumer confidence amid a resurgence in virus cases across the country. CBI notes that:
"The fall in retail sales in October is a warning sign of a further loss of momentum in the economy as coronavirus cases pick up and restrictions are tightened across many parts of the country."
The survey also shows that retailers are expecting to cut orders to suppliers for November. It sure isn't shaping up to be a festive year-end for retailers at this point.
