Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Rising sales fail to boost retailers’ confidence for the future

by August 26, 2022
August 26, 2022
Rising sales fail to boost retailers’ confidence for the future

Retailers saw an unexpected pick-up in sales last month, but the mood among companies was still its bleakest since the start of the pandemic, a survey has suggested.

Higher prices pushed up the total value of sales compared with August 2021, while volumes were flat, according to a monthly survey by the CBI.

The net balance on its sentiment index rose to 37 per cent in August, from -4 per cent in July. The results are the difference between the percentage of retailers reporting a rise and those reporting a decrease in sales, compared with the same month a year ago.

However, confidence among companies about their business outlook for the next three months hit -22 per cent, down from -13 per cent in May and the lowest level since the first lockdown in May 2020.

Prices for customers continued to rise, with the month-on-month growth in the number of firms reporting price rises reaching its fastest pace since 1985. About 88 per cent of retailers said the average price at which they sold their goods had risen in the year to August and only 1 per cent said that prices had fallen, giving a net balance of 87 per cent. The figure in July’s survey was 77 per cent.

Inflation stands at 10.1 per cent and is expected to peak in October at 13.3 per cent, the highest level since 1980.

Data published by the Office for National Statistics last week showed that online spending rose last month, offsetting declines in the sale of clothing, fuel and household goods. Retail sales volumes rose by 0.3 per cent between June and July: better than the 0.2 per cent contraction forecast by economists and reversing a 0.1 per cent dip between May and June.

Retail sales figures have become a key indicator for the health of the economy as rising inflation eats into people’s incomes and savings, while many businesses are being forced to pass on higher costs to customers.

Online sales volumes rose by 4.8 per cent in July, reversing a 3.7 per cent slide in June.

The CBI figures suggest that online sales fell in August compared with the same month in 2021. The net balance for internet shopping was at -7 per cent, up from -37 per cent in July. Online sales are expected to stagnate next month. Retailers plan to cut back on investment in the next year amid concern that Britain is heading for a recession caused by the cost of living crisis.

Martin Sartorius, principal economist at the CBI, said: “Firms need support from government to encourage investment and create sustainable growth. Business rates reform and a more flexible apprenticeship levy will help with dwindling business.”

Read more:
Rising sales fail to boost retailers’ confidence for the future

0
FacebookTwitterGoogle +Pinterest
previous post
Strikes take their toll on multiple sectors
next post
How Does a Commercial Law Service Help You in Business Matters?

You may also like

Three Things You Ought to Know about Direct...

November 10, 2023

Ten million calls to HMRC go unanswered as...

September 3, 2023

Building a management team – why people are...

June 20, 2024

HMRC charged 420,000 late filing penalties over past...

January 16, 2024

Michelle Mone’s husband linked to three tax avoidance...

January 23, 2023

International Financial Group Finds Gaps in Digital Euro...

October 8, 2023

How Easy Is It To Get A Loan...

March 13, 2025

Marylebone Diagnostic Centre: London’s Discreet Destination for Precision...

May 4, 2025

Rail strikes create a further £350M hole in...

February 2, 2024

Unleashing Innovation: How Fintech Startups are Driving Embedded...

August 9, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Hegseth abruptly pulls Pentagon officials from ‘globalist’ Aspen conference

      July 15, 2025
    • Mike Waltz faces post-Signalgate ‘brutal’ grilling from Dems in UN ambassador hearing

      July 15, 2025
    • SCOOP: Fiscal hawks fire warning shot at Senate GOP for pushing changes to Trump’s $9.4B spending cuts bill

      July 15, 2025
    • ‘Better access’: Bipartisan Senate push to fund farmers suicide prevention fund gains steam

      July 15, 2025
    • Decline in pension fund demand for UK bonds could drive £20bn surge in borrowing costs, OBR warns

      July 15, 2025
    • How a £400,000 fund in Oxfordshire shows the future of community investment

      July 15, 2025

    Categories

    • Business (8,483)
    • Investing (2,121)
    • Politics (16,043)
    • Stocks (3,209)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved