As the cost-of-living crisis continues to overshadow the UK, sales are expected to drop by at least 20% this year with people spending an average of £85 less than last year.
Recent economic uncertainties caused by increasing energy costs, inflation and post Covid-19 lockdown have left consumers with less disposable income.
One Sheffield shopper told Sheffield Wire: “Since the cost-of-living crisis, I don’t think I’ve bought anything new as the only thing I like buying is clothes, and I buy them from second hand shops.”
Across the city, businesses are struggling to survive under the increased economic pressure with a total of 43 stores being closed and empty in Sheffield city centre since June 2021.
One outlet, Edward’s Greengrocers, who have been providing customers with their fruit and veg for over 40 years have been left with no choice but to shut its doors for the final time.
Despite the reductions that were on offer for Black Friday, shoppers in Sheffield weren’t willing to participate in the discounted deals, with consumers claiming they saw “no real difference”, stating “it’s totally fake” or “it’s a con”.
From January to October, 2022 inflation has risen by a staggering 11.1% but, over the last decade, disposable income has only increased by 10.9%.
As the cost-of-living-crisis continues to make non-essential items a luxury, a report has revealed it is expected that on average shoppers will be spending £85 less per person.
The head of Barclaycard Payments, Marc Pettican, was more optimistic. He said: “Our data shows that Black Friday is off to a steady start this year despite the challenging economic backdrop.”
