UK is facing yet another challenge as inflation is affecting the motivation and spirit of shoppers who are facing the biggest price rise in more than 30 years.
The supply chain crisis and shortage of merchandise instilled a FOMO (fear of missing out in shoppers) forcing them to go for early shopping for Xmas.
A report reveals that London shoppers are expected to splurge out 15.5bn this Christmas. In fact, customers are expected to splurge more than £8.7 billion on Black Friday sales today – 15 per cent more than last year when the country was in its second lockdown.
Retailers are becoming more optimistic, with both employment growth and investment intentions picking up strongly.
At the moment inflation is cause of concern for both retailers and consumers but it seems that the consumers are not ready to stop this Xmas season and will shop till they drop to compensate for the last two years.