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Trade News Archive October 08 September 08 August 08 July 08 June 08 May 08 April 08 March 08 February 08 January 08
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7th October 2008
Sales tipped to fall in run-up to Christmas
Industry leaders are predicting that retail sales will continue their downward trend ahead of the Christmas rush, as turmoil in the economy gathers momentum.
Nick Bubb of Pali International said that the banking crisis is trickling down from Wall Street to the high street, with the stagnant credit market making it more difficult for retailers to secure finance.
He told the Telegraph that even if the Bank of England moves to cut interest rates, consumers will still be cautious due to concerns over unemployment and the property downturn.
Echoing that assessment, the British Retail Consortium (BRC) predicted a slump in demand for wholesale clothing among other key sectors, many of which have begun showing early signs of malaise.
"Confidence is at a record low and this is going to make shoppers more nervous," affirmed BRC spokesman Krishan Rama. "Clothing is already suffering as people stick to basics rather than keep up with the latest trends."
He added that continued uncertainty about the US government's attempted bailout of the global banking sector will "add further anxiety to already low consumer confidence".
(c) 2008 Adfero Ltd.
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