Demand for clothing 'up in January'
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The demand for garments, potentially including hip hop clothing and urban wear, rose in January, it has been claimed. Figures produced by the Confederation of British Industry (CBI) showed that retail sales as a whole increased during the first month of 2011.
According to the organisation, which aims to help create and sustain conditions in which UK firms can prosper, during the two-week period following January 4th 61 per cent of retailers polled saw the volume of their sales rise, compared with 24 per cent that reported a fall.
Meanwhile, 37 per cent of firms questioned revealed that they had experienced above average business levels for the time of year. In contrast, 29 per cent claimed they were below. This gave a resultant balance of +8 per cent.
This was roughly in line with the expectations of analysts. Meanwhile, the subsectors with the strongest growth were grocers, footwear and leather and clothing. This may be positive news for companies selling hip hop clothing and urban wear.
In contrast, the sales of durable household goods fell sharply. The decline may have been a reaction to the increase in VAT implemented by the government in a bid to tackle the fiscal deficit.
Responding to the figures, CBI chief economic advisor Ian McCafferty said: "This survey captures an interesting period for retailers, spanning the introduction of the VAT rise and price reductions during the post-Christmas sales.
"The lure of seasonal sales and price discounting may have helped mitigate some of the impact of the VAT increase on volumes."
However, in a warning to enterprises, he added: "Consumer demand is expected to be weak in the coming months, as the spending power of households is hit by a combination of sharply rising prices and weak wage growth."
The expert added that retailers can expect a challenging period ahead. |
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By :
Tom Jui
Submitted
2011-07-06 07:12:13 |
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