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More than three in five shoppers say they intend to spend less, with “fast fashion” hit the hardest
Environmental concerns are expected to see retailers take a £200m hit as consumers spend less than usual in the post-Christmas sales.
A survey by Barclaycard found that 62% of shoppers intend to make fewer purchases because of the potential environmental impact of the production of items.
So-called “fast-fashion” is likely to be the biggest loser with almost seven in 10 consumers (67%) planning to spend less on cheap clothes.
Just four in 10 UK adults will make the most of sales from Boxing Day, spending an average of £186 each and a total of £3.7bn.
Barclaycard, which processes nearly half of all credit and debit card transactions in the UK, said a record Black Friday this year could mean that shoppers may have already made the majority of their purchases.
The suggestion of a tough post-Christmas period will send a winter shiver through the high street after a year in which store closures, business failures, and job losses have continued as online shopping drove growth and competition.
Online spending is predicted to overshadow in-store receipts, with 60% of post-Christmas sales shoppers making the majority of their purchases from the comfort of their homes.
Source: SkyNews
