For the first time in several years the retail industry is expecting the Christmas campaign to yield a growth in sales, somewhere between 3 and 5 percent, although it will not be enough to salvage what has been a bad year.
The retail trade has been hit by the VAT increases, most of which have have been absorbed and not passed on to the consumer, elimination of bonus pay, unemployment and the general lack of consumer spending power.
The larger retail outlets are anticipating a ‘significant’ increase in sales this Christmas, although it has to be remembered that Christmas 2012 was the worst for twenty years.
Retail organisations have observed that the decline in sales has slowed during the past two or three months and they are hoping that this is a sign that it is finally bottoming out and that from now on, things can only get better.