Retail sales fall again

Year-on-year retail sales have fallen for two consecutive months for the first time in at least 13 years, according to a new survey.

The latest British Retail Consortium-KPMG retail survey suggested that overall retail sales in November had fallen by 0.4% compared with November 2007.

Following October’s 0.1% fall in sales, this made it the first time sales have dropped in two consecutive months since the survey began in 1995.

Retail sales growth has been slowing over the past year, as consumers look to protect their finances and avoid falling into debt, but only recently have overall sales started to fall like this.

A spokesperson for debt management company Gregory Pennington said: “It appears that consumers are reducing their spending, because economic conditions are becoming more difficult and / or because they are saving for the festive period.

“Whatever the reasons, it’s important that consumers watch their spending closely in the coming months. The festive season is often associated with getting into debt, and we advise people to be particularly careful in the current economic climate.”

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