Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Cash-strapped Britons turn away from online shopping

by October 27, 2023
October 27, 2023
Cash-strapped Britons turn away from online shopping

Online retail sales have contracted at the sharpest pace on record this month, dragged lower by people cutting back on their spending because of higher interest rates and an uncertain economic outlook.

Monthly internet sales dropped to a weighted balance of -78 per cent in the year to October, the biggest decline since 2009 and down steeply from September’s balance of -3 per cent, according to the CBI, the employers’ lobby group.

The fall is a marked turnaround from when households flocked to online retail platforms in response to Covid-19 lockdowns closing off high streets.

Overall retail sales fell to a balance of -36 per cent annually in the year to October, the joint worst reading for that specific month since the CBI started measuring the data in the 1980s and down from -14 per cent in the previous month.

The numbers echo downbeat official estimates of retail sales published by the Office for National Statistics last week, which were lower than City analysts’ expectations at -0.9 per cent in September. Consumer-facing companies also signalled that they expected retail sales, which have been negative for six months in a row, according to the CBI, to continue to contract over the winter months. Normally, this is when much of the sector generates most of its income.

Martin Sartorius, principal economist at the CBI, said: “As the festive period approaches, the retail sector remains in a perilous position. Sales volumes have been falling year-on-year for six months in a row, as cost of living concerns and higher interest rates weigh on consumer spending. While slowing inflation should help to bolster households’ income in the coming months, retailers will continue to face headwinds from higher energy and borrowing costs.”

Inflation has slowed from a peak of 11.1 per cent to 6.7 per cent, but household finances are still catching up with a steep rise in prices that has lasted for nearly two years.

Wages are now accelerating faster than prices, up by about 8 per cent, according to figures from the ONS, which economists expect to stir consumer spending and economic growth.

Read more:
Cash-strapped Britons turn away from online shopping

0
FacebookTwitterGoogle +Pinterest
previous post
IRS policy allowing surprise visits on taxpayers limited after Judiciary Republicans’ probing, report says
next post
What is the Purpose of Basic Life Support: A Clear and Concise Explanation

You may also like

UK retailers call on government to end China’s...

February 6, 2025

Childcare crisis hurting economy, say small firms ahead...

March 3, 2023

OpenAI offers to pay for ChatGPT customers’ copyright...

November 7, 2023

IWG reports rise in UK workspace visits as...

December 27, 2022

UK’s largest-ever scrappage scheme now open to all...

August 21, 2023

UK house prices fall for the first time...

November 1, 2022

Psychology of Institutional Crypto Trading

January 22, 2024

July could be ‘lull before the storm’ for...

August 9, 2022

Amazon announces revenues of $170bn for peak Christmas...

February 2, 2024

Bitcoin climbs above $109,000 on hopes of pro-crypto...

January 20, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,570)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved