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

Future Retirement Success

Business

Wet weather drives UK retailers to slash prices in September

by October 2, 2024
October 2, 2024
Wet weather drives UK retailers to slash prices in September

UK retailers have reported the steepest fall in shop prices in three years as unseasonably wet weather in September pushed stores to offer significant discounts in a bid to attract shoppers.

According to the latest figures from the British Retail Consortium (BRC) and NielsenIQ, shop prices dropped by 0.6% year-on-year, compared to a 0.3% fall in August. This marks the sharpest decline since August 2021.

Helen Dickinson, chief executive of the BRC, said: “September was a good month for bargain hunters as big discounts and fierce competition pushed shop prices further into deflation. Non-food categories, particularly furniture and clothing, saw the largest drops as retailers sought to lure back hesitant shoppers.”

However, Dickinson cautioned that while easing price inflation is welcome news for consumers, geopolitical uncertainties, climate change, and government-imposed costs could reverse this trend in the future.

Non-food prices fell by 2.1% year-on-year, a more significant drop than the 1.5% seen in August, and the lowest rate since March 2021. On the other hand, food inflation rose slightly to 2.3%, driven by poor harvests in key producing regions, which pushed up prices for cooking oils and sugary goods.

Mike Watkins, head of retailer and business insight at NielsenIQ, noted that the deflation in non-food prices would help shoppers manage their household budgets for the remainder of the year. However, he stressed that retailers would still need to entice customers with attractive promotions in the lead-up to the festive season.

Official data revealed that retail sales volumes increased by 2.5% in August, surpassing expectations and marking the strongest growth since July 2022. The Office for National Statistics attributed this rise to higher spending on food, clothing, footwear, and household goods, buoyed by warm weather and end-of-season sales.

Ahead of the October 30 budget, Dickinson called on Chancellor Rachel Reeves to address the “disproportionate tax burden” faced by brick-and-mortar retailers compared to their online counterparts. She urged the introduction of a 20% retail rates corrector to level the playing field, helping physical retailers continue offering competitive prices, safeguard jobs, and stimulate investment.

Read more:
Wet weather drives UK retailers to slash prices in September

0
FacebookTwitterGoogle +Pinterest
previous post
Businesses backed by private equity face heightened default risks, warns Bank of England
next post
Martha Lane Fox to co-chair government panel driving public sector tech reform

You may also like

A Conversation With Ernest Reinhardt on Vision, Grit,...

May 20, 2025

Deliveroo is funding thousands of free meals in...

June 7, 2023

UK SMEs eye £4bn NI savings despite looming...

March 13, 2025

Making Your SME Inclusive for Employees with Mobility...

October 23, 2023

Empowering Communities Through Healthcare: A Conversation with Lena...

January 16, 2025

Klarna Embraces AI to Drive Efficiency, Opts Against...

April 10, 2024

The Importance of Family Dentistry: Insights from Bridgewater...

June 6, 2023

How to Prepare for Crypto Investment: Tips for...

August 9, 2024

Michael Gove: Public ‘expect’ council staff to work...

July 5, 2023

Cheaper ‘HS2-light’ line beyond Birmingham considered by ministers

October 9, 2024

    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

    • SCOOP: House Republican eyes bid for Thom Tillis Senate seat after Trump attack

      June 29, 2025
    • Dem delay tactic ends, debate begins on Trump’s ‘big, beautiful bill’

      June 29, 2025
    • GOP, Dem senators remain divided over Medicaid after Trump’s ‘big, beautiful bill’ vote

      June 29, 2025
    • The five liberal courts that tied Trump’s hands before SCOTUS clipped their power

      June 29, 2025
    • Thom Tillis announces retirement from Senate after clash with Trump

      June 29, 2025
    • Revealed: The extensive perks UN officials receive amid budget crisis

      June 29, 2025

    Categories

    • Business (8,334)
    • Investing (2,081)
    • Politics (15,863)
    • Stocks (3,177)
    • 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