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Sales of Clothing and Other Goods Continue Decline in August
Wednesday 03rd of September 2008 06:50:32 PM
It was hoped the August 2008 retail sales figures would show signs of improvement, but instead the CBI has reported a continued decline. In fact, CBI Distributive Trades Survey reported "sales have continued to fall sharply and jobs have been hit" on High Street. This makes the second month in a row where rapidly declining sales volumes have been reported and it is expected to continue at least into September and maybe beyond.According to the numbers reported, 60% of those responding to the survey reported that sales for the first half of August this year are lower than sales in the first half of August last year. When comparing the expected sales volume with actual result, 43% of the retailers rated their seasonal sales as poor. Fall orders are down and the selling prices have not increased as expected. Expectations are the numbers will continue to get worse over the next 3 months.
Ian McCafferty, CBI Chief Economic Adviser, said: "Retail conditions have been extremely tough this summer, and the wet August has been a further blow. Sadly, no let up is expected as we head into early autumn. The business outlook is particularly weak and retailers are having to scale back their employment and investment plans in an attempt to ride out the storm."
The biggest declines in retail sales have been in housing and durable household goods categories. But there has also been a noticeable decline in the retails sales of fashion wear including clothing and footwear. The sales which are not declining as rapidly include reasonable priced practical clothing such as printed t-shirts and jeans whereas higher priced fashion clothing sales have dropped. Consumers are adjusting their spending patterns in response to worsening economic times.
(c)Phillio Collier,www.sxc.hu
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