Inflation news and archive

Online inflation sees biggest YOY fall since March 2022

The Adobe Digital Economy Index has released new data revealing that UK online spending in August reached 9.43 billion pounds, marking a slight year-on-year decrease of 1.3 percent and a 3.5 percent drop compared to July. Brits eagerly embraced a September heatwave with online prices seeing a significant 6.2 percent year-on-year decline, the...

Business

Europe's luxury stocks took a 25 billion dollar hit

Luxury-goods stocks in Europe plummeted this week, losing over 25 billion dollars in market value, reported Bloomberg, primarily due to concerns raised by Richemont Chairman Johann Rupert about inflation impacting regional demand. LVMH, formerly Europe's largest company, saw a 3.6 percent drop in its stock price, reducing its market...

RetailFeatured

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...

Fashion

Brits continue to spend on small luxuries, despite increase in living costs

Despite the cost of living crisis, new data from Idealo, a comparison site, highlights the 'lipstick effect,' where Brits continue to splurge on small luxuries like cosmetics, clothing, and sweet treats for comfort. According to Idealo's study on UK household spending, Brits are annually spending 6.4 billion pounds on cosmetics. However,...

Retail

Good weather and summer sales boosted June retail, says ONS

British consumer purchases experienced a notable 0.7 percent rise in June, following a modest 0.1 percent increase in May, according to the Office for National Statistics (ONS). Retail sales volumes saw positive month-over-month growth across all major sectors, except for automotive fuel, which saw a 0.3 percent decline. The report highlighted...

RetailFeatured

UK retail industry adapts to changing consumer trends and inflation

The retail industry in the UK has shown resilience in the face of inflation and changing consumer behaviors, with first-quarter growth reported based on data from Square and Clearpay. The pace of growth has moderated, however, when compared to the significant increase observed in 2022 as the pandemic receded. While the Office for Budget...

BusinessFeatured

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...