Debt-struck Brits shun the High Street
Debt-struck Brits shun the High Street
Thursday 26th June 2008
Earlier this month, figures from the Office of National Statistics (ONS) showed that sales hit record levels during May as consumers flocked to the shops attracted by hot weather and the summer sales.
However, a separate report from the Confederation of British Industry (CBI) has called into question the seemingly upbeat ONS figure and suggests that June will see a dramatic downturn in spending.
The CBI found that 39 per of retailers said sales were lower in the first half of June than in the same period last year, while 30 per cent said they were better.
Andy Clarke, the new chairman of the CBI, said the downturn was evidence that a greater proportion of households` money is "going into the fuel tank and not into shops".
He added: "High fuel prices and concerns about the economy have blunted consumer appetites, and those retailers linked to the housing market are continuing to endure difficult conditions."
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