Retailers Fear “Hard Christmas”
A recent report has found that the sales of non-food items are growing at a record slow pace, with more families choosing to spend their money on day trips rather than prolonged shopping sprees.
According to the report by the British Retail Consortium (BRC), non-food sales have risen by just 0.2% this year, the weakest growth since the BRC began measuring the category in January 2011.
The BRC fear the consequences this will have on the retail industry, and admits this should be a “cause for concern” in the run up to Christmas.
Despite the rising levels of consumers borrowing or buying on credit, people are not spending this money in high street shops.
An increasing number of high street clothing chains such as New Look and Next are facing touch competition from online retailers such as Asos. New Look recently reported a loss of £10.4 million and Next have reported a 7.7 per cent drop in sales.
However retailers are hoping for a reversal of fortunes, and Paul Martin, head of retail at the accountancy firm KPMG, believes that the potential prosperity offered by ‘Black Friday’, the post-Thanksgiving shopping bonanza, will give retailers that pre-christmas boost.
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