The economic slowdown is good news for discount retailers, local shops and own-label products, according to research from retail consultancy him!
A survey conducted by the consultants found:
• 22% of adults said they would spend more at discount supermarkets
• 19% will spend more at local retailers, because they are cheaper to get to and offer perceived good value
• 18% will be spending more on retailers’ own label products rather than national brands
Further findings included:
• 36% won’t be visiting a pub or bar in the next 12 months
• 25% will spend less on eating out at restaurants
• 35% won’t be visiting a fast food outlet over the next 12 months
• 24% will be spending more on home and garden improvements
• 17% will be spending less on clothes from value retailers like Primark
Some 84% of Britains though the UK will enter a recession or economic slowdown in the next 12 months, up from 57% three months ago.