Retailers suffer disappointing January as consumers brace for more bill rises
1 year, 11 months ago

Retailers suffer disappointing January as consumers brace for more bill rises

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Many retailers discounted heavily to entice consumer spend, and while there were bargains to be had in the January sales, retailers continue to be hit by lower margins and falling volumes BRC chief executive Helen Dickinson BRC chief executive Helen Dickinson said: “As Christmas cheer subsided, retailers felt the January blues as sales growth slowed. “Many retailers discounted heavily to entice consumer spend, and while there were bargains to be had in the January sales, retailers continue to be hit by lower margins and falling volumes. Consumer confidence remains stubbornly low and looming rises in household bills and mortgages mean discretionary spending will remain weak.” Paul Martin, UK head of retail at KPMG, said: “As we head into a difficult time for consumers, the short-term outlook for the retail sector remains challenging. “With the latest interest rate rise and utility price increases heading our way, shrinking household incomes means we will continue to see a shift in what consumers buy and where they buy from.” Meanwhile, data from Barclays shows consumer card spending grew 9.7% year on year in January as New Year sales, blockbuster film releases and a surge in holiday bookings led to strong performances across retail, entertainment, and travel.

History of this topic

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11 months, 1 week ago
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1 year, 2 months ago
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Retail sales rose 0.3% in May despite pressure from higher inflation and interest rates
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