The Confederation of British Industry’s (CBI) sales balance, which included a couple of days of the Christmas trading period, fell to -23 from +11 in December’s report, meaning more store chains reported a drop in retail sales than a rise.
The survey pointed to another drop in retail sales next month.
“Retailers began the new year with a return to falling sales volumes, as the sector continues to face the twin headwinds of rising costs and squeezed household incomes,” CBI Martin Sartorius said.
The survey of 59 retailers – mostly large store chains – was conducted between Dec. 22 and Jan. 13.
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