Inflation news and archive

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 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...

BusinessFeatured

Consumers search for a balance of “cheap” and “luxury” to fight looming inflation

Faced with increasing financial uncertainty, consumers worldwide are searching for ways to maximize the reach of their disposable income. For retailers wanting to meet and overcome consumer needs, this means a renewed investment in digital marketing to promote “cheap” “luxury” items and a great opportunity to start servicing customers in the run...

RetailFeatured

Retailers hiring holiday staff numbers reflective of state of economy

Holiday hiring at retailers has always been a sign of a healthy economy. People are shopping more, seasonal paychecks are putting more money in retail workers' pockets, and retailers have high hopes of ending Q4 with a healthy bottom line. This year with caution over inflation, holiday hiring is looking like a mixed bag, reflective of retailers'...

Business

How will inflation affect consumer spending?

The multi-million dollar word on every retailer’s lips right now is inflation. Despite the Inflation Reduction Act passing through the House and the Senate, and signed by President Biden, inflation is still poised as an issue for the state of the economy. CNBC recently reported that 70 percent of Americans are looking for extra work to combat...

Retail

Is inflation driving fashion resale?

The state of inflation in the U.S. and globally is at an interesting place. Strikes recently swept Britain as soaring inflation, but at the same time, U.S. manufacturing growth has steadied as a sign inflation pressure is easing. Congress also passed the Inflation Reduction Act to help ease inflation domestically in the United States. The...

Business

Retail leaders join call urging incoming prime minister to cut business rates

A collective of UK retail businesses have come together to urge prime minister candidates Liz Truss and Rishi Sunak to cut business rates and make positive changes to communities and the economy. The letter was signed by the likes of the CEO of New West End Company, the chair of Central London Forward, the leader of Westminster City Council and...

RetailFeatured

Inflation to hit Christmas spending

Amidst rising energy prices, a looming recession and households struggling to meet their monthly bills, new data suggests retailers will be in for a starker Christmas as consumers will be looking for value this holiday season. Research from eBay Ads UK Christmas Spend Trends finds that the impact of inflation means consumers will be prioritising...

Fashion Featured

How to build a luxury brand post-lockdown and amid inflation?

Starting a luxury fashion brand isn’t easy. The market is very saturated, and it’s tough to compete with established fashion houses owned by companies like LVMH and Kering. In the wake of rising inflation and global health scares, like COVID-19 and monkeypox, the idea of starting a fashion brand makes a lot of people nervous. China, one of the...

Fashion

UK inflation hits 40-year high

The UK has seen record inflation in July, with the highest rate of increase in 40 years. Data from the Office for National Statistics (ONS) Consumer Price Index (CPI) rose to 10.1 percent from 9.4 percent for the month of June, higher than the forecasted 9.8 percent. Prices for clothing and footwear items fell by 1.5 percent between June and...

Business |Interview Featured

Business in uncertain times: How Zalando is dealing with Brexit, inflation and shifted consumer sentiment

Online retailer Zalando is one of the leading destinations for fashion and lifestyle in Europe. The Berlin-based company serves 25 European markets with an overall consumer base of around 49 million. With its Platform Strategy at its centre, namely the marketplace model and connected retail, Zalando aims to achieve international growth by...

Retail

John Lewis CEO says over 50s quitting jobs could fuel inflation

As the retail sector continues to suffer from a difficult labour market, John Lewis CEO Dame Sharon White said a new government must think "really hard" about getting older people back into work. Dame White told the BBC that the record number of job vacancies is unlike any time she has seen in her career. According to the BBC the UK has seen one...