Cost-of-living 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....

9 Feb 2023

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...

25 Jan 2023

BusinessFeatured

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...

30 Nov 2022

RetailFeatured

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...

23 Nov 2022

BusinessFeatured

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...

17 Nov 2022

RetailFeatured

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...

17 Nov 2022

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...

17 Nov 2022

RetailFeatured

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...

8 Nov 2022

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...

2 Nov 2022

Retail

Footfall drops in October as cost-of-living squeezes households

Footfall across UK retail destinations declined by 2.3 percent in the week to October 22, as “consumer nervousness” continues due to the cost-of-living crisis and recent political uncertainty. According to Springboard, footfall dropped in all key shopping destinations, with the high street taking the biggest hit with a 3.3 percent decline in...

25 Oct 2022

Business

Burberry announces cost-of-living wage increase

British luxury heritage brand Burberry confirms that it has brought forward the implementation of the increased Living Wage in the UK by more than six months to support its staff in light of the rising cost of living. The Living Wage Foundation, which sets the UK’s Living Wage pay rates, has calculated the new hourly rate at 10.90 pounds an hour...

19 Oct 2022

Business |Beauty Featured

Cost-of-living driving an era of financially inclusive beauty

The beauty industry will undergo a fundamental shift due to the cost-of-living crisis as consumers demand fairer pricing, greater product efficacy and more open and honest business models, according to a new report by premium beauty and wellness company, Beauty Pie. The ‘Beauty Futures 2025: Beauty, Beautility and the Rise of the 'Question...

6 Oct 2022