Shoppers concerns come in the face of 'soaring cost-of-living and bleak economic prospects', says research.
UK consumer confidence in the future hit a record low in August due to the soaring cost-of-living and bleak economic prospects.
Rachel Barber, legal partner and retail specialist at accountancy firm Deloitte said that because people are pessimistic about the state of the economy, many people "are now postponing major purchases such as electricals and furniture". The GfK consumer confidence barometer, which surveys the public about their opinion of the economy, was at its the lowest level this month since records began in 1974.
Helen Dickinson, chief executive of the British Retail Consortium, said that the summer sunshine was responsible for the slight uplift in sales in July: "But most retailers will still be seeing falling volumes in the face of rising inflation." The ONS said that feedback from retailers suggested that consumers were cutting back on spending because of "increased prices and affordability concerns".
This had "compounded the ongoing subdued consumer demand due to the well-documented cost-of living crisis".
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