Sales were reported to be “average” for the time of year in March 2024. Credit: Michal Jarmoluk from Pixabay.

UK retail sales volumes have shown signs of stabilisation in March 2024 following ten months of decline, according to the Confederation of British Industry (CBI) distributive trades survey.  

Retail sales volumes in the UK improved by 2% during the month, an improvement from the 7% decline reported in the year to February.  

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Retailers considered sales for March to be “average” for the time of year.

But they anticipate sales being below seasonal norms in April, with a forecast of an 8% decline. 

Order volumes experienced a sharp 22% decline during March 2024, following a 14% decline in February. 

Retailers expect order volumes to continue falling at a similar rate in April.

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The survey also indicated a 27% decline in internet sales volumes in March, compared to 4% growth in February.  A less steep continuing decline of 12% in April is anticipated.  

Wholesale volumes declined by 8% in March 2024 after increasing 15% in February. The fall is expected to continue in April, but at a slower pace of 4%. 

CBI principal economist Martin Sartorius said: “The stabilisation of retail sales in March should give some hope that the sector’s downturn is bottoming out. The earlier timing of Easter will likely mean weaker year-on-year sales in April, but easing inflation should support retail spending going forward. 

“In order to drive a sustainable recovery in the retail sector, the government should look to reform business rates. Rethinking the current system to reward investment and better align rates to the economic cycle would help encourage retailers to invest and grow after a difficult year of trading.”