High street sales were higher in November compared to the same month in 2009, according to the Confederation of British Industry’s (CBI) Distributive Trades Survey.
Measuring the period between October 28th and November 10th, and covering 142 retail companies, the study indicated that 55 per cent of retailers saw the volume of sales rise.
With 13 per cent suggesting trading levels dropped during the two weeks, the +43 per cent balance is better year-on-year and an improvement on October’s figure of +36 per cent .
The strongest areas for sales growth were grocery and clothing, but retailers of all types are confident of a successful December as Christmas draws closer.
Indeed, New West End Company has organised a traffic-free shopping day in London’s Oxford Street and Regent Street this Saturday, which is expected to help boost weekend retail sales by a massive £250 million.
Ian McCafferty, CBI Chief Economic Adviser, said: “High street sales growth held up well in November, and retailers are hopeful that the run-up to Christmas will be just as strong.
“However, looking into the new year, retail sales growth may lose some of its sparkle, as consumers rein in spending after Christmas.
“Confidence remains fragile, VAT is rising in January, and a combination of weak wage growth and high inflation is eating into household incomes.”