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UK Retail Sales Rise Modestly In November

Dec 04 2012
By
Forexbrokerz.com

Retail sales in the UK saw only a modest improvement in November as shoppers opted to wait for more bargains in the run-up to Christmas, a survey by the British Retail Consortium (BRC) revealed Tuesday.

Retail sales values rose 0.4 percent on a like-for-like basis in November compared to a year earlier. On a total basis, sales were up 1.8 percent.

Non-food sales benefitted from the favourable timing of the half-term this month while food was characterised by cautiousness ahead of the gift buying season, BRC said.

Online sales showed no material pick-up from October, but were up 7.5 percent annually. Still this was their third worst performance of the year.

BRC Director General Stephen Robertson said the pending holiday shopping season caused a slowdown in late-month November sales.

"Sales growth slowed as November unfolded, suggesting that customers are taking care not to spend too much too soon, although must-have toy and technology items did well as people bought early so as not to be disappointed," Robertson said.

"With consumers conscious that there will be a full shopping weekend immediately before Christmas, retailers are holding their nerve and counting on a last minute rush in the crucial final weeks," the official added.

A survey by the Confederation of British Industry revealed last week that retail sales improved for the third consecutive month in November.

The mood of the consumers was also generally upbeat largely owing to some recent positive news on the economy. The most recent survey by GfK NOP showed that confidence among British consumers rose to an 18-month high in November.

The economy exited recession in the third quarter, with the gross domestic product expanding at the fastest pace in five years. However, the Bank of England forecast the economy to contract again in the fourth quarter.

The material has been provided by Instaforex Company - instaforex.com
TAGS: UK  Retail  Sales  Rise  Modestly  In  November   

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