Consumers have ‘put the brakes’ on their shopping habits due to the soaring cost of living, according to new data, as warnings escalate of worse to come on essential bills.
With the average person holding £5000 in the bank (Many have less and a number are minted to put it bluntly) but holidays are making a comeback and the British public want a break away.
Whilst 2020 saw gardens get a make-over and 2021 witnessed kitchen refurbishments on a budget, the latest retail sales monitor revealed that sales slipped in April after a sharp downturn in consumer confidence.
Separate figures from Barclaycard showed that credit card spending was rising on essentials but slowing on retail and eating as people tightened their belts.
‘The rising cost of living has crushed consumer confidence and put the brakes on consumer spending.’
On a like-for-like basis, UK retail sales fell 1.7 per cent as shoppers reduced their spending on big ticket items back in April.
‘Big ticket items have been hit hardest as consumers reined in spending on furniture, electricals and other homeware, compounded by delays on goods coming from China.
‘Meanwhile, thanks to the April sunshine, garden goods and fashion saw stronger sales, particularly occasion-wear as consumers prepared for summer and this year’s wedding season.’
Non-food sales increased by 6.9 per cent over the three months, compared with the same period last year, driven by higher inflation.
‘Many retailers will have no choice but to raise prices to protect margins, but the longer we see high inflation and real household incomes falling, the more likely it is that consumers will change their spending behaviour, prompting a decline in the health of the retail sector and possibly more casualties on the high street.’
Sarah looks after corporate enquiries and relationships for UKFilmPremieres, CelebEvents, ShowbizGossip, Celeb Management brands for the MarkMeets Group. Sarah works for numerous media brands across the UK.
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