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January sales start early on the High Street

December 24, 2008 by admin  
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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 their goods in the hope that it will boost spending amongst consumers. Retailers are slashing prices by up to 75 percent in some cases, hoping that their bargain prices will pull in customers and reduce the risk of shattered profits over what is expected to be a bleak Christmas in terms of spending.

Around 50 percent of families are likely to spend less on Christmas presents and food this year compared to last year according to some industry officials. Many retailers are offering the best discounts in several decades according to reports, and this could result in a flurry of spending as cash strapped consumers try and cash in and pick up bargain clothes and goods whilst the going is good.

Many major stores are involved in the price cuts, and some of those that have been slashing their prices include Marks and Spencer, Debenhams, House of Fraser, and a range of furniture stores. Many furniture shops have been hard hit over recent months not only due to the recession but also due to a slump in housing sales. Many stores have been offering discount vouchers to customers in a bid to try and get them spending again.

An official from Mintel, which carried out the research, stated: ‘There is always a lot of emotional pressure to spend money and spoil everyone over the festive season, and during the years of unprecedented boom time, many Brits enjoyed lavish Christmases. But this year, as budgets tighten, Christmas will become a much less indulgent affair.’

Tags: festive season, research, sales, year, recession, retail, industry, risk

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