Search News

News Stories

21-30 of 234 articles found

Grants of £30K available to create up to eight secure cycle storage facilities across Belfast

Belfast City Council is seeking expressions of interest to provide publicly accessible secure cycle storage facilities across the city.

15 Nov 2022, more…

Global Bicycle Market Forecast to reach $130 billion by 2033

New research from Research Nester has forecast that between now and 2033, the global bicycle market could reach an estimated value of approximately $130 billion, by expanding at a compound...

15 Nov 2022, more…

Mary Portas warns government to act now or see half of high street shops shut

Ahead of the Chancellor’s Autumn Statement this week, retail expert Mary Portas called on the Government to rethink business rates and VAT to help struggling retailers.

14 Nov 2022, more…

94% independent retailers urge government to ‘preserve UK high streets’

A new report by Ankorstore and retail consultant Mary Portas has found that 94% of independent retailers want the government to act in next week’s budget to preserve the UK’s high...

10 Nov 2022, more…

bira offers guidance on energy bill relief scheme

bira has been offering guidance to retailers on how to take advantage of the Government’s energy bill relief scheme.

9 Nov 2022, more…

Black Friday consumer spending forecast to drop 50% this year

Figures from research conducted by global marketing agency Wunderman Thompson Commerce suggested consumers are set to spend up to 50% less than usual this Black Friday, November 25th.

7 Nov 2022, more…

Cycling Industry News launches annual Market Study

Cycling Industry News’ sixth annual Market Study has today gone live with independent retailers, workshops and mobile mechanics invited to take part by clicking here.

3 Nov 2022, more…

A third of drivers want cyclists banned from public highways, new research suggests

New research has suggested as many as one in three drivers believe cyclists shouldn’t be allowed on public highways and should be confined to cycle paths.

3 Nov 2022, more…

More cycle routes would be good for drivers, says AA President

AA President Edmund King has told the Daily Telegraph that more cycle routes would be good for drivers, as encouraging motorists to take fewer journeys by car could cut household fuel...

1 Nov 2022, more…

Government urged to protect £4 billion worth of active travel investment

Sustrans has announced that it has joined together with other organisations representing active travel, motoring, road safety, the environment and business leaders to urge the UK government to...

31 Oct 2022, more…

Shoppers predicted to spend £4.4bn less in the run-up to Christmas

Back to news menu

Shoppers predicted to spend £4.4bn less in the run-up to Christmas

Posted on 24 Oct 2022

Xmas presentNew research has indicated that UK shoppers could spend £4.4bn less on essentials ahead of Christmas – a 22% drop as the rising cost of living impacts on disposable income.

The research by Retail Economics with retail technology firm Metapack, suggests nearly 60% of shoppers expect to cut spending on non-food items in the last three months of the year, the period during which most retailers make the most profit.
The forecast, if correct, would put additional pressure on retailers facing higher energy and labour bills, as well as rising commodity costs.

The company’s Holiday Shopping Trends Report found that British consumers are expected to cut back the most, with over 70% of customers expecting to reduce spending in some form.

Most consumers cited rising prices as a major concern, as UK inflation runs near 40-year highs at 9.9%.

---
Retail Finance is the perfect tool for retailers to lower the cost barrier for consumers, and remove the cost perceptions that hihger ticket items are out of budget. Read more: Are you maximising retail finance within your business?
---

This December, shoppers are expected to be nearly one-fifth fewer than before the pandemic, with numbers predicted to rise by just 4.2% from last year, when the Omicron threat kept many at home.

The shift to online shopping is also expected to slow as higher shipping and return costs for returned items lead to higher fees.

Retail Economics chief executive Richard Lim said: “Inflation will peak at just the wrong time for retailers. Buyers’ budgets are already under intense pressure as inflation in international markets hit a ten-year high. Consumers are worried, budgets are under pressure, and households are set to cut spending this year in an attempt to make ends meet.

“Amid weakening consumer demand, retailers are also facing a pincer move as costs and operating costs rise, which are testing business models to the breaking point. With profit margins under intense pressure, some retailers are planning to shift shipping and return costs to areas that encourage consumers to look for alternatives.”

Back to news menu