Cost-of-living news and archive

Cost of living crisis: Clarks is cutting jobs

103 jobs at British shoe retailer Clarks are at risk of redundancy. The brand is on a stable financial footing, but in order to maintain the post-pandemic recovery, operating costs must be strictly controlled, a company spokesperson told FashionUnited. In order to reduce costs and ensure the long-term development of the company, a total of 103...

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Britain loses 6,000 retail outlets in five years amid ‘crippling’ rates

A new report by the British Retail Consortium (BRC) and the Local Data Company (LDC) has revealed that Britain has lost 6,000 retail outlets in the past five years due to “cripping business rates and the impact of covid lockdowns”. The North and Midlands were the most impacted, seeing the highest amount of empty storefronts, while London’s...

Business

UK consumers feeling cost-of-living crisis more than European counterparts

New data from the latest EY UK Future Consumer Index shows that cost-of-living pressures is affected UK consumers more than their European counterparts, as 62 percent are "extremely concerned" by the current crisis, compared with 50 percent in the rest of Europe. The twelfth edition of EY’s survey of 1,000 UK consumers found that affordability...

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Inflation to add 18.2 billion pounds in non-food retail sales

A new report has found that inflation in the UK could result in a 2.6 percent increase in non-food retail sales, driven by rising consumer prices. According to research by Metapack, ShipStation and Retail Economics, the sector’s sales value is expected to hit 249 billion pounds in 2023, up 18.2 billion pounds of spending on the previous year....

Business

UK Amazon workers strike amid cost-of-living crisis

Online retail giant Amazon was Wednesday facing its first strike by UK workers, who are protesting over a pay rise deemed unacceptable in a cost-of-living crisis. A few hundred workers at a warehouse in Coventry, central England, have walked out over a pay increase worth five percent, less than half the current UK inflation rate. It comes as...

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Mulberry swings to H1 loss as UK shoppers rein in spending

British luxury brand Mulberry has reported a loss in the first half of the year as its UK retail sales were hit by the cost of living crisis. The Somerset-based handbag specialist posted a pre-tax loss of 3.8 million pounds in the six months to October 1, compared to a profit of 10.2 million pounds a year earlier. It came as consumers tightened...

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UK consumers to cut back spending this Christmas

Nearly half (43 percent) of UK consumers expect to spend less this Christmas, according to EY’s latest ‘Future Consumer Index,’ as the cost-of-living crisis intensifies. The research, which surveyed more than 1,000 UK consumers between September 23 to October 14, found that falling consumer confidence due to the cost-of-living crisis will have...

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UK ‘now in recession’: chancellor outlines tax rises and spending cuts in new autumn budget

As part of his newly announced autumn budget, Conservative chancellor Jeremy Hunt has unveiled a slew of tax rises and spending cuts in a bid to tackle the cost of living crisis and rebuild the UK’s economy. Speaking to MPs in the House of Commons, Hunt said the government’s priorities were “stability, growth and public services”, however he...

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5 Ways to reach consumers in the lead up to Christmas

While rising inflation has put increasing pressure on consumers’ budgets, there are still ways in which retailers and brands can make use of various opportunities the upcoming peak shopping period presents. The British Retail Consortium (BRC) has merged its own research with Google and Trinity McQueen’s annual ‘Path to Peak’ 2022 report to...

Business

UK inflation hits 11.1 percent but clothing prices loiter behind

New figures by the Office for National Statistics (ONS) stated that UK inflation hit a new 40-year high in October, reaching 11.1 percent, driven largely by the rising prices of energy and food. The firm confirmed the increase from 10.1 percent in September as costs of light and heating rose, despite efforts by the government’s energy price...

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Consumers are favouring secondhand marketplaces amid cost-of-living crisis

A new report by Cardlytics has found that consumers are being driven towards discount brands and secondhand marketplaces as the cost-of-living crisis continues to take a toll on UK spending. According to the advertising platform’s State of Retail Spend report, over half of consumers are planning to shop at discount homeware and fashion brands...

Retail

UK shop prices hit record high in October amid cost of living crisis

Shop prices in the UK hit a record high last month amid rising commodity and energy prices and a tight labour market. Shop price inflation increased to 6.6 percent in October from 5.7 percent in September, according to the BRC-Nielsen Shop Price Index. It marks the highest rate on record since the index was launched in 2005. Non-Food inflation...