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UK retailers expect sales to fall for the eighth straight month in December but the pace of decrease is forecast to slow amid uptick in sentiment, survey results from the Confederation of British Industry showed on Monday.
The retail sales balance rose to -11 percent in November from -36 percent in October, the Distributive Trades Survey results revealed. Only a net 6 percent forecast sales to fall again in the festive period.
"Retail sales have languished in negative territory for much of 2023, reflecting the impact of strained household finances on the sector's fortunes," CBI Principal Economist Martin Sartorius said.
"Given the weakness in trading conditions, it's little surprise that firms are scaling back on their investment ambitions," Sartorius added.
Confidence among retailers recovered in November, with the corresponding balance rising to +4 percent from -14 percent in August.
A net 11 percent of retailers plan to reduce investment over the coming twelve months, which was better than -25 percent in the previous survey period.
Further, a balance of -11 percent reported a reduction in headcount compared to -20 percent in the prior period. The survey suggested that selling prices of retailers grew at a rapid pace in the year to November. Retailers expect prices to rise again at a similar pace next month.
