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Report
British Retail Consortium: Financial outlook for 2025
National World - LocalTV
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02/01/2025
As Britain's high streets continue to face mounting challenges, public opinion remains divided on how best to breathe life back into these once-bustling hubs.
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News
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00:00
For consumers, wage growth is expected to still be strong-ish, so we've seen some fairly
00:08
strong wage growth over the past year that has slowed somewhat, but we are still expecting
00:13
it to bob around the 4% to 6% range, so depending on movements with inflation, and it is likely
00:18
that following the autumn budget we are going to see a bit more inflation than we otherwise
00:23
would have seen, so that is likely to impact purchasing power of consumers, and so it
00:30
might put a bind, or it might put some downward pressure on discretionary spending. Now, with
00:37
retailers, they've had to deal with quite sizeable increases in their input costs, and
00:42
they're set to face even greater increase in their input costs, as I say, following
00:47
the budget. You've got the employer national insurance contributions increase, the national
00:51
living wage increase coming into effect, this is all going to jack up their input
00:56
costs by quite a considerable amount, so retailers will of course look to make efficiencies and
01:02
not just absorb the entire impact.
01:05
According to the experts, it's not just the amount that we're spending that has an impact
01:08
on retailers, it's how we're spending too.
01:12
So people are doing a lot more spending online than they say would have back in 2019, cast
01:17
your mind pre-Covid, so before it was roughly one in five items were purchased online, now
01:24
it's roughly about one in four. I think I'd add a slight nuance there, so it's not just
01:29
online versus high streets, but we have to look at other different location types, so
01:33
retail parks are something that is growing in popularity, and so when shoppers do do
01:40
their shopping physically if you like, they are preferring destinations such as retail
01:47
parks as compared to high streets, and so we're seeing that grow in popularity, but
01:55
still a lot of shopping is still done physically.
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