Recession 'could shape spending habits for future'

Posted on 28 October 2008

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Emerging trends in consumer spending brought on by the recession could alter the retail market in the near future, it has been suggested.

Small business owners and the self-employed may wish to take note of the comments from Talking Retail managing editor David Shrimpton, who claims consumers may become more prudent with their purchases.

He states: "The thing is if consumers change their habits and they like what they find they tend to stick with habits – they become their new routine so it could really change the face of the retail landscape over the next few years."

According to the Office for National Statistics, food sales have fallen by the largest amount in 20 years as a result of the credit crunch and the ensuing economic slowdown.

Retail sales overall dropped 0.4 per cent between August and September, although business owners may be comforted to learn that these were still 1.8 per cent up on the equivalent period last year.

Category: General News

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