"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."
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.
Read at London Business News | Londonlovesbusiness.com
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