Figures from the 2024 Progressive Housewares Retail Barometer show that the cost-of-living crisis is the top factor having a detrimental impact on retailers.
Way out in front when looking at the factors having a detrimental effect on retailers’ businesses in 2024, with a huge 85% placing in the top three, was the cost-of-living crisis. This was also the case in 2023, when 73% placed it in the top three, showing the impact the continued economic pressures are having on retail.
A close second, with 77% voting it in the top three, was the UK economy/inflation, showing that the economy is the main issue for UK housewares retailers.
46% of respondents placed suppliers selling direct to consumers in their top three most negative impacts, joint with competitive retailers’ websites and price increases.
It seems stock shortages and supply chain issues are also still causing problems, with 38% placing it in their top three most negative impacts.
