Is the UK headed for another recession? Retailers suffer worst sales slump since COVID-19 pandemic fueling fears of worklessness crisis
Are consumer purchase levels decreasing in UK?
The levels recorded in the report by BDO, is far worse than the levels seen back in January, 2021, where the results were overall deemed 'disastrous'. However, the current situation of the consumer market is even worse than that period, with report suggesting that the UK is already bracing for a £7bn hit from the Budget following Rachel Reeves’s decision to spike employers’ National Insurance.
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Holiday season having no impact on consumer behavior in the UK?
Even the Black Friday sales could not do much to save the consumer purchase cycle, and the levels remained in the red zone, with chances that things may depreciate even further with each passing day, towards the end of the year. Even the arrival of the festive season is not having much of an impact on the consumer market, which is yet again, a major source of worry.
According to accountancy giants BDO, online sales were down by a whopping 7.8 per cent last month compared to the previous year's stats. Meanwhile, in-store sales fell by another 5.5 per cent. BDO also stated that the fashion sector, a crucial wing in the holiday and gifting season, was performing particularly poorly with sales 8 per cent lower than last year.
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