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UK Retail Sales Lose Steam as Firms, Shoppers Fret Over Price Hikes

Consumers carry Zara and H&M luggage in London, UK. Getty Photographs.

UK retail gross sales development misplaced momentum in August, with each retailers and customers pointing to considerations over larger costs.

The worth of products offered in retailers and on-line grew 3 p.c in August from a 12 months earlier, the British Retail Consortium and KPMG mentioned, lower than the three.9 p.c recorded the identical month in 2020.

Regardless of larger demand for clothes, particularly as individuals returned to the workplace and social occasions equivalent to weddings, BRC Chief Govt Helen Dickinson mentioned retailers had been “grappling with larger prices throughout the availability chain.” Staffing pressures and shortages of uncooked supplies have meant some shops have had availability points or been pressured to hike costs.

A separate survey from Barclaycard, which handles nearly half the credit score and debit card funds within the UK, discovered that nearly two-thirds of customers had been anxious that on a regular basis objects had been turning into dearer. The surveys come because the Financial institution of England expects inflation to peak at 4 p.c this 12 months, placing stress on family spending.

Nonetheless, Barclaycard mentioned the short-term image was extra upbeat, with client confidence at its highest since earlier than the pandemic. Spending at bars, pubs and golf equipment reached its highest development for over 17 months in August, in contrast with the identical month in 2019. Worldwide journey was the one sector through which client spending didn’t develop, however it nonetheless noticed much less of a decline than in July as extra locations opened as much as British holidaymakers.

“Socialising, procuring, and staycations had been high of the agenda for Brits in August, as households and associates made the a lot of the faculty holidays, giving a great addition to hospitality and leisure companies,” mentioned Raheed Ahmed, head of client product at Barclays Financial institution Plc. “Over the approaching months, these sectors also needs to profit from Brits returning to the workplace, as colleagues get pleasure from lengthy overdue catch-ups over post-work meals and drinks.”

Study extra:

Why Price Inflation Is Coming to Fashion

Attire costs are rising at their quickest tempo in years, as the price of every little thing from cotton to container transport soars. BoF lays out tips on how to seize the chance to interrupt a decade-long cycle of discounting.

https://www.businessoffashion.com/news/retail/uk-retail-sales-lose-steam-as-firms-shoppers-fret-over-price-hikes | UK Retail Gross sales Lose Steam as Companies, Consumers Fret Over Value Hikes

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