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30 Nov 2022

Cycling UK has published its annual 100 Women in Cycling 2022 list celebrating inspirational women in cycling.

30 Nov 2022

Cycling in London has increased by 40% since the start of the pandemic, including a near-doubling of journeys by bike at the weekend, according to the newly published annual Travel in London...

29 Nov 2022

The Business Secretary, Grant Shapps, has announced that businesses are to be given a further two years to apply new product safety marking.

29 Nov 2022

A new survey of 2,000 British cyclists, which is part of a wider European report, claims that only just over a quarter of people in the UK think their local cycling infrastructure has improved...

28 Nov 2022

VOLT announces its new insurance collaboration with LAKA, three-time winners of the Best Cycle Insurance Provider category at the Insurance Choice Awards and pioneers of the ‘collective...

24 Nov 2022

According to a new survey, Cambridge is the best in the country for independent shopping to support small businesses. The study found that many of the city's small businesses turned out to be...

22 Nov 2022

Groups of independent retailers in York are to receive a £25,000 funding boost to help with promotion during the Christmas trading period and to attract more customers in 2023.

22 Nov 2022

The IRC has joined bira and other retail trade associations in backing the ‘Colour Friday’ alternative to this week’s Black Friday sales.

21 Nov 2022

Shop owners in Earlsfield, Wandsworth are teaming up in the run-up to keep the high street busy in the run-up to Christmas. With the cost-of-living crisis affecting independent shops, the...

21 Nov 2022

During this festive period, V12 want to increase the support available to you and your customers. From this Friday their Customer Services, Underwriting and Validations teams will be operating...

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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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