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LONDON. – British shoppers are stocking up on electric blankets, candles and energy-efficient slow cookers as surging gas bills and record food price inflation force millions of people to prepare for a tough winter ahead.
Market research released on Tuesday showed that grocery inflation hit another new record of 13.9% in September, deepening the cost-of-living crisis, while BRC-KPMG data showed people were investing in items to help them save cash.
The worsening consumer outlook came as the Bank of England was forced to intervene again in the government bond market to maintain financial stability, and as the labour market shrank, potentially adding to inflationary pressures.
The brewing economic storm means consumers are cutting back on any unnecessary spending, threatening the viability of hospitality and leisure businesses once again as they struggle to recover from the pandemic.
“It is likely to remain a challenging time for many other sectors as consumers focus on essential spending and businesses continue to navigate inflationary headwinds,” said Esme Harwood, a director at Barclaycard.
Sales of cooking appliances including slow cookers, air fryers and sandwich makers, which generally use less energy, rose 53% in the four weeks to Sept. 4 year-on-year.
Demand for duvets and electric blankets was 8% higher in the month, with candle sales up 9 percent. – Reuters
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