Retail spending grows after slow start to 2013
High street retail sales have grown for the first time since the start of the year, according to the Confederation of British Industry (CBI).
The organisation’s latest monthly Distributive Trade Survey of 60 retailers found that year-on-year monthly sales grew in the weeks between June 26 and July 16 for the first time in five months.
The survey also found that overall sales volumes have remained below average, indicating a higher spend from those that are buying.
Stephen Gifford, CBI’s director of economics, attributed the retail success to the feel-good factor from the heatwave. “A return to even modest spending is welcome news, but the bottom line is that confidence will not bounce back fully until family finances improve significantly,” he said.
However, CBI predicts sales in August to slow once again, and according to Professional Beauty’s exclusive Insider survey, 40% of nail salons and 29% of beauty salons reported poorer retail sales in June compared with the same month last year.
Retail figures for the spa sector however are much more positive, with 57% reporting better retail figures than the same time last year. Recent market intelligence reports have suggested that spending on luxury beauty products is on the rise, which could indicate a promising outlook for the beauty retail market.