Slow Christmas for retailers predicted
The survey of shoppers’ habits also forecasts a 1.5 per cent fall in retail sales as consumers rein in their spending due to their constrained budgets. Equally worrying, as many as 51 per cent of respondents say their spending patterns were now changed for the long-term.
Hardest hit will be ‘wants-driven’ retailers, with 48 per cent of people spending less on entertainment and leisure, and 39 per cent suggesting they will be cutting their spending on clothing. Food and grocery retailers are the least likely to be affected.
Sharon Fraser, partner and head of retail at Deloitte in the North West, says: “...consumers are gravitating to the grocers. Now more than ever, non-food retailers need to focus on the relevance of their products and differentiation from their competitors."
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