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Consumers cutting back during the credit crunch
01 August 2008
High street retailers are starting to suffer as consumers reduce their spending habits in the current economic climate, according to the British Retail Consortium (BRC).
Statistics from the latest Distributive Trades Survey from the CBI show that 61 per cent of respondents reported that sales in the first half of July were lower than a year ago and this is because consumers have less money to spend, claims the BRC.
Richard Dodd, spokesperson for the BRC, said: "People are short of spare money and what spare money they have they are reluctant to spend."
According to the BRC, non-essentials like fashion clothing and big ticket items like furniture and large electrical have been hit the hardest and this is likely to continue as consumer confidence falls further.
"There is no real reason to think consumer confidence is going to be boosted in the near future," added Mr Dodd.
The Nationwide consumer confidence survey revealed that consumer confidence fell four points to 61 in June.
