Consumers to face tougher times than year before
Posted by on 10th March 2010 to Debt News
Consumers can expect to spend less in the coming year than they did in 2009, claimed one expert.
The British Retail Consortium (BRC) revealed this week that high street sales had gone up, but that shoppers are still cautious about spending more on essentials such as food.
According to the BRC figures, food sales slowed down last month because customers stocked up during the cold snap in January and were more careful with their food budgets after.
Richard Perks, the director of retail research for Mintel, said: "I think most consumers assume there are pretty tough times ahead. It's very obvious we are going to have rising taxes and interest rates, and that is really going to topple consumers.
"I don't see this (2010) as the start of things picking up. I think we've had the pick-up, and on the whole incomes are being squeezed again now. I think the tough times are really still to come."
Recent research also revealed that consumers were putting basics such as food on their credit cards, with an additional report from Credit Action estimating that on an average day in March there are 21.9 million plastic card transactions by UK shoppers.
Posted by Clement Moine
Debt Free Helpline offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our trained debt advisers today.
The British Retail Consortium (BRC) revealed this week that high street sales had gone up, but that shoppers are still cautious about spending more on essentials such as food.
According to the BRC figures, food sales slowed down last month because customers stocked up during the cold snap in January and were more careful with their food budgets after.
Richard Perks, the director of retail research for Mintel, said: "I think most consumers assume there are pretty tough times ahead. It's very obvious we are going to have rising taxes and interest rates, and that is really going to topple consumers.
"I don't see this (2010) as the start of things picking up. I think we've had the pick-up, and on the whole incomes are being squeezed again now. I think the tough times are really still to come."
Recent research also revealed that consumers were putting basics such as food on their credit cards, with an additional report from Credit Action estimating that on an average day in March there are 21.9 million plastic card transactions by UK shoppers.
Posted by Clement Moine
Debt Free Helpline offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our trained debt advisers today.
