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3 Jan 2023

Millions are being encouraged to walk and cycle more this year to get fit and save money, with an additional £32.9 million of government funding to accelerate walking and cycling schemes...

3 Jan 2023

Almost 50 shops in the UK closed for good every day in 2022 - more than at any other time in the last five years – according to a new report from the Centre for Retail Research.

15 Dec 2022

Cytech training provider Activate Cycle Academy made it onto BBC television and radio this week as part of The One Show’s launch of a ‘Gift A Bike For Christmas’ campaign.

14 Dec 2022

Leicester has become the latest city to offer a free e-bikes scheme to encourage people to leave their cars at home and pedal around the city. The scheme, which is funded by the Department for...

13 Dec 2022

ACT’s Cytech delivery partner Activate Learning, of which Activate Cycle Academy is a part, is offering FREE online Microsoft accredited online courses for employers to enable their staff...

13 Dec 2022

We are starting a series of Retailer Profiles, shining a light on some of our best and most interesting independent retailers. If you would like us to consider your shop for inclusion, please...

12 Dec 2022

New research published by Cycling Scotland has shown that saving money is a key motivator for people taking up cycling. The study, which tracks changes in attitudes towards cycling in Scotland...

8 Dec 2022

Four in ten Britons dream of starting their own small business, with bookshops the most popular choice, according to new research by American Express Shop Small.

7 Dec 2022

During a tough economic climate with significant challenges for retailers, the Daily Telegraph has named 15 high streets around the country that it says, “retain a healthy selection of...

6 Dec 2022

The BBC has published comprehensive analysis of Ordnance Survey data that reveals the full extent of changes to Britain's High Streets after two years of Covid lockdowns and trading...

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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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