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

Truss vs Johnson: A comparison of their speaking...

October 6, 2022

Bank of England to lend UK energy companies...

September 9, 2022

Make capital allowances permanent, firms urge

March 16, 2023

Virgin plots £500m train order in bid to...

January 13, 2025

What do SMEs in the UK Need to...

October 10, 2024

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

February 6, 2025

UK Economy Shows Modest Growth Momentum with Second...

April 12, 2024

Four in ten UK businesses nearly closed in...

September 17, 2024

How to Find the Best Free HR Tool...

February 27, 2025

Elsner Technologies Launches Fashion Ecommerce Development Solutions To...

October 23, 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

    • 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
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • 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