Sales growth in 1998 is set to be the slowest in five years, according to a forecast from the Chartered Institute of Marketing. According to the CIM, this points to a gradual slow down for the economy as opposed to a crash.
The CIM’s Marketing Trends Survey predicts sales growth will reach 5.1% this year, 0.6% down on 1997. This drop reflects the general expectation of a less buoyant economy in 1998, with reduced inflation, high interest rates and a strong pound.
Consumer spending will be down as the extra spending power created in 1997 from windfalls is not expected to be repeated in 1998.
CIM: 01628 427033
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