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Sales Recover Shoppers Hesitate European Retail Gets a Mixed Reaction'Reality is stranger than prediction'. Sales growth in the European retail business recovered in September, but there is no merry-making from retailers.
A steady rise in interest rates over the last few months, coupled with growing uncertainty over the economy and the housing market has influenced the behaviour of shoppers.
The 'under the line' trend remains sluggish, stemming from European consumers who remain resilient but are cautious in spending on big-ticket purchases.
In UK, the heightened impact of weather on sales is further testament to the fragility of growth and the need for the Bank of England to refrain from further rate rises in the coming months.
Retail sales in the UK during September increased by 2.0% on a like-for-like basis and showed growth of 4.6% on a total basis, which is better than sale figures achieved a year earlier.
The figures are also better, considering where the market was at the end of August and is much stronger than what most experts were expecting. The statistics saw the fastest pace in eight months, casting doubts on the view that the economy is slowing and keeping the door open for another hike in interest rate.
Sales were particular strong in the second half of the month when autumn ranges began to take off, helped by the cooler weather.
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19/11/2004 | Viewed 7,808 time(s)
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