Incomes to be 'squeezed' again in 2010
Incomes to be 'squeezed' again in 2010
Wednesday 10th March 2010
According to Richard Perks, director of retail research for Mintel, people are in for a tough time this year, and doubts that things will start to pick up again.
"I think most consumers assume there are pretty tough times ahead. It's very obvious we are going to have rising taxes and interest rates, and that is really going to topple consumers," he said.
"I think they are likely to end 2010 in a much worse situation than in 2009. That doesn't necessarily mean we are going to have a double dip recession, but I think for consumers that is what it is going to feel like."
Mr Perks' comments come after the British Retail Consortium released its latest Retail Sales Monitor, which suggests a rise of 2.2 per cent in UK retail sales values.
On a total basis, sales rose 4.5 per cent against only 0.1 per cent growth in February, according to the figures.
Yet this was not a clear sign that things are starting to improve, said Mr Perks.
"I think we've had the pick-up, and on the whole incomes are being squeezed again now. I think the tough times are really still to come."
The Local Data Company reported recently that town centre vacancy rates across Great Britain rose to 12 per cent at the end of December, compared to ten per cent in the middle of the year.
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