Car sales fall substantially
13th Oct 08, 12:06pm
Actual retail sales in August were lower than for the same month a year earlier, by almost -1%. This is a substantial fall in real sales, when the adjustment for inflation is accounted for. The key driver of this fall is a sharp drop in motor vehicle sales. They were down more than -21%, reaching their lowest level in more than 5 years. However, supermarket and grocery sales rose +3% year-on-year, and sales at department stores were up an impressive +9%. Apart from car sales, other sectors that are showing significant weakness are furniture stores, hardware outlets, and automotive repairs. Most other sectors show lesser levels of weakness.