With inflation easing across the UK, apparel shoppers
are feeling a bit more positive. with 54% observed in a recent GlobalData
survey expecting clothing prices to drop over the next six months.
Despite an
expected price decrease for clothing as inflation eases, fewer people expect to
be spending discretionary income on the category, according to the Retail Trend
Tracker: Consumer Sentiment August report from GlobalData, which polled 2,000
consumers.
The survey, which provides a
complete picture of how people are feeling, their views on the future of the
economy and, most importantly, what this means for retail spending both
generally and across specific sectors, showed over a third (36%) of people
believed they would spend less on clothing in the next six months compared with
19% who would spend more over the same period.
Meanwhile, the survey noted
fewer people – both on a month-on-month and year-on-year basis – consider
sustainability an important factor when determining which retailer they buy
clothing from.
Over two fifths (41.9%)
surveyed said they considered sustainability a determiner of where they buy
clothing from compared with 44% last year and 43.7% last year.
Earlier this month in response
to the CPI inflation figures recording a 6.8% fall in headline
inflation, British Retail Consortium chief executive Helen Dickinson noted
the fall in clothing prices adding retailers were mitigating wet weather with
larger discounts across their ranges.
However, she said some global
commodity prices were still subject to pressure as a result of the ongoing war
between Russia and Ukraine. She urged the UK Government to freeze business
rates or risk adding a £400m ($505.28m) additional pressure on prices.