Retail sales struggled for the fifth straight month in October, but the figure was not as bad as analysts had predicted, new figures show.
Data from the Confederation of British Industry's (CBI) reveals 42% of retailers experienced lower sales last month compared to October 2004, while just 24% reported an upturn.
The resulting balance of minus 18% is better than experts forecast but comes on the heels of September's minus 24% balance, the survey's lowest point in its 22-year history.
Wholesalers now report they too are starting to feel the effects of the consumer slowdown, with 43% watching sales drop compared to a year ago. Only 35% saw an increase.
Many wholesale firms also saw an unexpected build up in stocks whilst cutting down on orders to suppliers.
"October was yet another tough month for retailers who have seen no let up since June," said John Longworth, executive director of Asda and chairman of the CBI's distributive trades survey panel.
"Retailers will be hoping there is light at the end of the tunnel and will be doing all they can to entice shoppers onto the high street as Christmas approaches."
Despite the gloom, shop owners are remaining optimistic as the festive shopping period begins to heat up.
Many retailers have pledged to start their post-Christmas sales early in hope of boosting holiday takings.
