November 28, 2021

Beyond Going Long

Complete UK News World

British families have abandoned fears of inflation and are increasing their spending

British families have abandoned fears of inflation and are increasing their spending

LONDON, Nov. 9 (DAS) – British consumers have increased their spending in October despite fears of rising inflation. The results of a study conducted by the BRC Retail Federation showed this on Tuesday.

According to the BRC, retail spending in the United Kingdom rose 1.3% year-on-year in October 2021, rising only 0.6% following the recession in September. The panic caused by the lack of drivers for the fuel supply, due to the weak September results, shifted a significant portion of the costs for fuel purchases from stores.

The expected reduction in housing costs in Britain has not yet occurred. Consumers seem to be happy with their continued shopping, said Paul Martin, KPMG’s chief retailer who produces data with the BRC.

Last week, the Bank of England (BoE) predicted that price increases would negatively affect consumer demand. He said inflation would reach almost 5% in April next year.

According to Martin (from KPMG), it creates limited availability “Strong Price Dynamics” Also means that discounts are not possible during the Christmas season.

Compared to October 2019, consumers in the UK have increased their spending by 14.2% in the last month, according to a separate study on the broader household spending cards, Barclaycard.

Entertainment costs also increased as people flocked to theaters for the latest James Bond movie. After deregulation, travel costs increased, Barclays said, adding that this year’s sales were not comparable to 2019, compared to the “disruptions” caused by the epidemic by 2020.