According to new research from Mintel 57% of adults will be cutting back on spending in the light of the current economic uncertainty.
People are cutting back on holidays, DIY and general shopping. People are experiencing a rise in household expenses and are having to cut back on unnecessary extras.
As borrowing becomes harder the only solution left to many people is belt tightening. It is likely that as the monthly pay packet runs out toward the end of the month spending will dry up.
According to the British Retail Consortium clothing sales in March were the worst for eight years and were down on last year for the sixth consecutive month.
Meanwhile footwear showed its largest decline for two years despite heavy discounting and promotions geared to encourage sales.
However high end clothing and footwear as well as expensive jewellery and women’s accessories seem to be holding up although growth has slowed in some areas.
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British Retail Consortium