The latest CBI monthly Distributive Trades Survey results would appear to indicate a strong pace of growth for retailers over the year to October.

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The latest CBI monthly Distributive Trades Survey results would appear to indicate a strong pace of growth for retailers over the year to October.

The survey, which polled 126 firms - 60 of which were retailers - showed that sales for the time of year were considered to be above average and are expected to be in line with seasonal norms in November.

Amongst the key findings, 40% of retailers polled said that sales volumes were up in October on a year ago, whereas 19% said they were down, leaving a balance of +21%. In addition, 38% of respondents expect sales volumes to increase next month, with 18% expecting a decrease, giving a rounded balance of +21%.

Growth in internet sales volumes picked up slightly over the year to October (+37%), compared with the previous month (+32%), and sales volumes growth was particularly robust in clothing (+71%), furniture & carpets (+83%), and hardware & DIY (+45%).

Looking at wholesale, and 57% of wholesalers polled reported sales volumes to be up on last year, with 15% saying they were down.

CBI chief economist, Rain Newton-Smith, said:

“With our Indian Summer now a distant memory, shoppers have been pounding the high street, with sales of clothing and other retailers outpacing expectations.

“With employment still rising and the unemployment rate at an 11-year low, household spending still has some momentum in the short-term, but we do expect the fall in the value of the pound to push up prices through the course of next year, hitting people’s purchasing power.”