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03/08/2004
Euro 2004 hangover hits retail sales, says CBI
The end of 'Euro 2004' football promotions and the impact of interest rate rises have been blamed by retailers for the unexpected slowdown in sales during July, according to the Confederation of British Industry (CBI).
In its latest monthly Distributive Trades Survey, published today, the CBI said that following two months of strong growth, particularly in goods such as football clothing, TVs and beer, sales have slowed and are expected to continue to do so during August. However the confederation stressed that it was "too early" to anticipate a sustained downturn.
Forty-eight per cent of firms surveyed said that sales were up on a year ago while 24% said they were down. The balance of plus 24% compares with 43% in the June survey.
The underlying trend in sales growth - as measured by the three-monthly average - remained high in July at plus 39%, this compares with plus 41% in June which represented the fastest rate of growth since October 2001, the CBI said.
Chemists, specialist food stores and those selling furniture and carpets reported the strongest year on year growth. All other sectors reported some increase in growth with the exception of grocers and confectioners who reported a decrease.
Fifty-four per cent of firms said that sales for the time of year were average, with 23% saying they were good and 22% saying they were poor. This balance of plus one per cent is well down on the plus 23% seen in June.
John Longworth, Chairman of the CBI's DTS Panel, said that, "unfortunately", the end of the football competition had coincided with the increasing impact of interest rate rises on consumer spending and poor summer weather for most of July.
"The Bank of England's objective of gently slowing this sector of the economy appears to be working, but it must continue to be cautious. Business wants to see a gradual, well-signalled approach to monetary policy when the MPC meet this week," he said.
The Distributive Trades survey covers 20,000 outlets of firms responsible for 40% of employment in retailing.
(gmcg)
In its latest monthly Distributive Trades Survey, published today, the CBI said that following two months of strong growth, particularly in goods such as football clothing, TVs and beer, sales have slowed and are expected to continue to do so during August. However the confederation stressed that it was "too early" to anticipate a sustained downturn.
Forty-eight per cent of firms surveyed said that sales were up on a year ago while 24% said they were down. The balance of plus 24% compares with 43% in the June survey.
The underlying trend in sales growth - as measured by the three-monthly average - remained high in July at plus 39%, this compares with plus 41% in June which represented the fastest rate of growth since October 2001, the CBI said.
Chemists, specialist food stores and those selling furniture and carpets reported the strongest year on year growth. All other sectors reported some increase in growth with the exception of grocers and confectioners who reported a decrease.
Fifty-four per cent of firms said that sales for the time of year were average, with 23% saying they were good and 22% saying they were poor. This balance of plus one per cent is well down on the plus 23% seen in June.
John Longworth, Chairman of the CBI's DTS Panel, said that, "unfortunately", the end of the football competition had coincided with the increasing impact of interest rate rises on consumer spending and poor summer weather for most of July.
"The Bank of England's objective of gently slowing this sector of the economy appears to be working, but it must continue to be cautious. Business wants to see a gradual, well-signalled approach to monetary policy when the MPC meet this week," he said.
The Distributive Trades survey covers 20,000 outlets of firms responsible for 40% of employment in retailing.
(gmcg)
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