UK Retail Sales Slump in October as Shoppers Tighten Belts Amid Cost of Living Crisis
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Retail sales in Great Britain fell 2.7% in October year-on-year, marking a slump ahead of Christmas. Bad weather also contributed to the drop.
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Food retailers reported a 7.7% increase in spending but consumers bought less due to inflation. Shoppers favored supermarkets over specialized food stores.
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Consumers are buying cheaper products and prioritizing essentials due to cost of living squeeze.
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More expensive purchases like laptops were avoided as shoppers waited for Black Friday deals.
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Higher interest rates are impacting consumers, with 1.5 million more households facing increased mortgage rates by end of 2024.