UK Shoppers Snap Up Blankets, Warm Clothes for Difficult Winter

Britons took action to curtail their energy use this winter by buying blankets, warm clothing and energy-efficient appliances in response to soaring gas and electricity prices. Author of the article: Bloomberg News Andrew Atkinson (Bloomberg) — Britons took action to curtail their energy use this winter by buying blankets, warm clothing and energy-efficient appliances in…
UK Shoppers Snap Up Blankets, Warm Clothes for Difficult Winter

Britons took action to curtail their energy use this winter by buying blankets, warm clothing and energy-efficient appliances in response to soaring gas and electricity prices.

Author of the article:

Bloomberg News

Andrew Atkinson

(Bloomberg) — Britons took action to curtail their energy use this winter by buying blankets, warm clothing and energy-efficient appliances in response to soaring gas and electricity prices. 

That’s according to the latest sales survey from the British Retail Consortium, which also found consumers cut back on big-ticket items such as computers, televisions and furniture last month. 

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

The overall value of sales rose 2.2% from a year earlier, but that was due to a sharp increase in the price of goods, the BRC said in a report Tuesday. The volume of sales continued to fall as households already struggling with near double-digit inflation braced for a 27% increase the energy-price cap on Oct. 1. 

Helen Dickinson, chief executive of the BRC, said rising costs and wages are making it hard for retailers to reduce prices for embattled households.

“A difficult winter looms for both retailers and consumers,” Dickinson warned. “Costs are increasing throughout retailers’ supply chain, the pound remains weak, interest rates are rising, and a tight labor market is pushing up the cost of hiring.”

The cost of living crisis was also on display in a separate survey from Barclaycard, which showed spending rose at the slowest pace since the start of last year. 

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Copper and aluminum bounce on upbeat China factory, auto data
Read More

Copper and aluminum bounce on upbeat China factory, auto data

Author of the article: LONDON — Copper and aluminum prices rebounded on Wednesday as investors bet that better-than-expected economic data from top metals consumer China foreshadowed an uptick in demand. Three-month aluminum on the London Metal Exchange was up 0.4% to $2,579 a tonne at 1400 GMT after slipping 2.2% on Tuesday and hitting its…
European lottery group Allwyn calls off SPAC deal to list on NYSE
Read More

European lottery group Allwyn calls off SPAC deal to list on NYSE

Author of the article: European lottery group Allwyn Entertainment said on Friday it has called off its deal with a blank-check company that would have seen its shares list in New York, citing volatile market conditions. Allwyn struck a merger deal with the blank-check firm Cohn Robbins Holdings Corp in January, putting the combined firm’s…
Taiwan’s Foxconn raises full-year outlook on strong tech demand
Read More

Taiwan’s Foxconn raises full-year outlook on strong tech demand

Author of the article: TAIPEI — Taiwan’s Foxconn, the world’s largest contract electronics maker, raised its full-year business outlook on Monday thanks to strong sales of smartphones and servers despite concerns of slowing demand due to rising inflation. Like other global manufacturers, the Taiwanese firm has grappled with a severe shortage of chips, which has…