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31 Mar 2023

Checkout Bira's FREE opening times and social media toolkit downloads for Easter!

23 Mar 2023

The ACT has announced that the annual Local Bike Shop Day https://localbikeshopday.co.uk/ will take place on Saturday 29...

22 Mar 2023

A new 250-mile coast to coast cycle route set to launch in the south of Scotland this summer will be named after Kirkpatrick Macmillan, the 19th century Dumfriesshire blacksmith who invented the...

21 Mar 2023

Data from City Ratings, which ranks global cities according to how cyclable they are, lists Edinburgh as the UK’s top city in 12th place.

21 Mar 2023

Schools are being encouraged to sign up for The Sustrans Big Walk and Wheel 2023. The walking, wheeling, scooting and cycling to school challenge runs from Monday, March 20 to Friday, March 31.

21 Mar 2023

The Walking and Cycling Alliance (WACA) has written to the prime minister urging him to reverse the controversial decision to cut the budget for active travel schemes in England – a move...

16 Mar 2023

Industry experts and trade associations in the retail sector have been expressing their disappointment at the support offered to retailers in the Chancellor’s Budget.

14 Mar 2023

New data shows that a majority of the UK public oppose the rising and unregulated costs British businesses face for simply accepting payments. With the cost of doing business at record levels,...

13 Mar 2023

From saving energy and lighting costs, to using biodegradable packaging and prolonging a product’s lifespan, Drapers Magazine has been looking at how independent retailers can improve...

8 Mar 2023

As the world marks International Women’s Day, the Association of Cycle Traders is among several industry organisations backing a new Diversity in Cycling campaign, a project led by the...

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

Posted on in Business News , Cycles News , Creative News, Outdoor News

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%.

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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.”

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