51% of retailers expect even more successful August, says CBI survey.
Retail sales volumes grew solidly in July, rebounding from a disappointing performance in June, according to the latest CBI Monthly Distributive Trades Survey.
46% of retailers said sales volumes rose in the three months to July, while 25% said they fell, giving a balance of +21%, beating expectations of +17%. Additionally, sales volumes in the clothing and accessories sector grew 45%, with leather goods also climbing 74%.
In more positive news for retailers, 51% of those surveyed expect sales volumes to continue to grow at an even stronger pace in August. Just 15% said they had fears about the success of the August trading period.
It has also been revealed that retailers have increased their stocks in relation to expected demand by 32%, now at the highest levels since November 1984.
The volume of internet sales also grew by 37%, broadly in-line with expectations of 40%, but below the long-run average of 51%.
Barry Williams, Chair of the CBI Distributive Trades Survey Panel and Asda SVP and Chief Merchandising Officer for Food, said: “As the temperature began to rise, it seems so did sales volumes. Almost all sectors saw growth, with grocers and clothing stores telling us they performed particularly well as people bought barbeque supplies and summer outfits.
“Retailers expect an even faster rise in sales volumes next month, and are stocking up in anticipation of growing demand.”