Non-food UK retail trade inflation expected to increase by £18.2bn
Thursday, February 9, 2023
Inflation in retail non-food sales in Britain will add £18.2bn this year, according to a report.
Sales are expected to reach £249 billion in 2023, but the 2.6 per cent year on year rise, or an extra £18.2 billion, is driven exclusively by rising consumer prices, says Auctane's Ecommerce Delivery Benchmark report from consultancy
A survey of more than 730 private companies in eight international markets that was conducted for the survey has indicated that 80% of retailers have plans to increase the prices of products, with 40% assuming that growing costs will be
their biggest challenge this year.
Some two thirds of British consumers, 66%, say inflation is their Number 1 worry, figures from retail consultancy Retail Economics show.
Some 74% plan to change their purchasers' behaviour, 34% say they choose to do only required purchases and 29% intend to delay or reduce their spend.
As a result, UK retail sales are forecast to be 4.9% lower than a year earlier as shoppers pay more to get less for their money and retail inflation is projected to reach 7.5% next year.
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