Shares in major British retailers have sharply declined due to deteriorating consumer confidence and falling retail sales. Official figures indicate a 0.4 percent drop in retail sales for February. The GfK Consumer Confidence Index has reached an 11-month low, reflecting household pressures from rising costs. Surging oil prices are expected to increase fuel and energy bills, further squeezing disposable incomes. Retailers are preparing for a significant slowdown in demand as consumers tighten their spending in response to these economic challenges.
"Worries about a deepening energy crisis which is sapping consumer confidence even further, have pushed retailers into the red in early trade. A trio of disappointing indicators has pulled down sentiment, with the latest retail sales snapshot, the closely watched GfK consumer confidence report, and the latest ramp-up in crude prices making for pessimistic reading."
"Tougher times are ahead for high streets, retail parks and online vendors, as shoppers are expected to tighten their belts while they brace for a barrage of higher household bills."
"Although retail sales had been expected to dip back in February after a stronger January performance, and the decline wasn't quite as deep as expected, it's still a shaky base from which to deal with the repercussions of war."
Read at London Business News | Londonlovesbusiness.com
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