Exclusive: Retail spend to take £2.4bn hit in 2024
Retail spending is expected to take a £2.4bn hit this year as consumers are impacted by “lower levels of affluence” amid the cost-of-living crisis, according to the latest research by Retail Economics and beBettor.
The research found the hit on spending is a result of consumers holding back and saving more due to feeling “lower levels of affluence” and a need to compensate for lost wealth, which is known as the “negative wealth effect”.
Already have an account? Sign in here