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CLAIM ID

688b14d9

United Kingdom's retail sales are suffering from a collapse in consumer spending.

CBI's survey report confirms that Britain's retail sales were down as consumer spending collapsed due to the COVID-19 lockdown.

The Confederation of British Industry’s (CBI) monthly Distributive Trades Survey released a report on 28 April 2020 revealing that two-fifths of retailers have shut up shop due to plummeting domestic sales post the coronavirus lockdown measures.

The retail sales balance dropped to -55 in April 2020 from -3 in March 2020, which was the same as the worst figures of December 2008 economic crisis. CBI's chief economist Rain Newton-Smith stated that sales of groceries and other essentials fell as consumers have been spending less. Online sales and supply orders have also been weak.

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