Subscribe to The Money StopNews Feed

Browse > Home / News / Discounts hit the High Streets in a bid to increase spending

Discounts hit the High Streets in a bid to increase spending

December 20, 2008 by admin  
Filed under News

Leave a Comment

Officials have said that consumers in the UK can look forward to a season of huge discounts as Christmas approaches, with many High Street retailers slashing the cost of goods by huge amounts in a bid to increase spending levels and try and boost profits. This comes at a time when many consumers are having to tighten their belts when it comes to spending, even through the Christmas period, in order to escape overstretching themselves financially.

This reduction in spending from consumers is already impacting on sales levels and profits for retailers, and retailers have had to take action in order to try and ease their losses and get consumers spending again, which has come in the form of huge sales and discounts on goods. Consumers are able to get half price good and furniture, goods with prices slashed by around 75%, and one major retailer, House of Fraser, has even been offering a £20 gift card when consumers spend £20 instore.

One retail supplier said that consumer could look forward to a bargain basement Christmas this year, with prices being slashed in all sorts of stores in order to get sales moving. He said: ‘In this environment, you’d be mad to pay full price for anything. This is going to be a discount Christmas.’ Debenhams, Marks and Spencer, and Argos are amongst the other retailers that have slashed their prices.

The Bank of England has recently slashed interest rates by 2 percent over the course of two months, bringing it down to nearly half the level it was at a year ago. Whilst this eases the situation for homeowners with variable rate mortgages, it may have come too late to significantly boost the level of spending and sales over the Christmas and New Year period.

Tags: ,

Related Entries

  • Credit crunch leaves High Streets more deserted
    • It has been claimed that the ongoing global financial crisis and the recession have resulted in the High Streets of Britain being left more and more deserted, as a rising number of shoppers decide to
  • ‘Tis the season to avoid store cards
    • As Christmas continued to get nearer and nearer experts have been warning consumers across the UK to avoid the temptation as taking out a store card, as this could lead to high levels of debt
  • January sales may not end this year
    • Officials have stated that the January sales this year are likely to extend far beyond the traditional month, and will most likely go on for the rest of the year, giving consumers the chance to
  • Record breaking cash withdrawals
    • Data from Link shows that cash withdrawals over the Christmas period were not affected by gloomy predictions about consumer spending.Many analysts had anticipated a quiet festive period on the high streets but, according to Link's
  • January sales start early on the High Street
    • With Christmas well on its way and consumer spending levels still low due to tight financial conditions, many major retailers on the High Street have started their January sales early by slashing the prices of
  • Improvement in High Street sales seen in June
    • According to recently released figures June saw an improvement in High Street sales levels, partly fuelled by consumers heading out to buy new clothes following the short but significant heat wave seen during that period.
  • Needs of animals grow during recession
    • The ongoing recession is not only affecting millions of people in the UK, but is also having a negative effect on the lives of millions of pets, many of whom are finding themselves out on
  • Tough year ahead for British retailers
    • Officials from the British Retail Consortium have recently stated that despite the encouraging sales figures seen by retailers over the Christmas and New Year period most retailers would be facing yet another very tough year

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!