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UK Economy Reeling Despite Clothing Store Discounts
Thursday 14th of August 2008 07:38:12 PM
UK news is full of reports indicating the UK Consumer Prices Index rose 4.4% in July 2008. The index increase reflects inflationary pressures that are driving prices up in many areas. Food prices have been named as one of the main culprits causing inflation. Gas vendors and other retailers are also passing on the higher cost of doing business to consumers. The clothing retailers, including those selling polo shirts and printed t-shirts, are offering big discounts making it a shoppers' market. Because of the cost increases, this summer's retail discounts have not been as large as they were last summer.Despite big discounts, clothing sales are down significantly as compared to like items purchased as of this same time last year. Consumer spending in general fell even though the big clothing stores have been offering heavy discounts to attract shoppers. Clothing sales play an important part in the UK economy. Shoppers are concentrating on saving money and only buying essentials which would include clothing such as school uniforms. In essence, what is called frivolous clothing shopping is being eliminated. Instead clothing customers are concentrating on buying items which are made with value and are durable.
Besides increasing inflation and spending decreasing, the new mortgage approvals have fallen also. The Treasury agency has been mentioning stamp duty holidays, but has not made it clear what it has in mind. Between inflation, spending and housing the UK economy is reeling as it waits to see what the government plans to do in order to improve the situation.
The gloomy information has made consumers nervous which is not good for retailing and housing. It is hoped the government will soon announce a plan which addresses the UK economy and gets it back on track quickly. In the meantime you can find plenty of great discounts in clothing of all kinds such as embroidered shirts.
(c) Zeth Lorenzo,www.sxc.hu
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