As if non-essential shops haven't had enough to deal with over the past few years with being forced to close due to a global pandemic, yet another crisis is taking hold, a financial one. It has been predicted by financial experts that the UK is heading towards a recession that is likely to hit towards the end of 2022. Already prices are climbing at a rate unknown in my lifetime. Energy costs are one of the biggest issues, they are rising rapidly and they are predicted to keep on rising.
People are already worrying about how they are going to pay for essentials like energy, food and water, so where does that leave the shops selling non-essentials?
As a non-essential shop owner myself i have already noticed a decline in sales since prices began to rise
Unfortunately it is going to be small independent shops that are hit hardest as they do not have the buying power of larger non-essential shops. This means they don't get the advantage of the big discounts large chain store companies do and have to pay the full price to wholesalers, prices which are rising rapidly. This means they are having to sell the products at RRP prices and cannot slash prices or discount them like some large retailers do. Its a double blow to those running small shops and businesses.
The question of whether small independent shops selling items other than food, drink, clothing and basic essentials will survive the on-going financial situation is one noone can answer yet. Only time will tell.
Are you already feeling the difference?
Have you already begun to make changes to your lifestyle due to rising costs?
I'd love to hear your thoughts, let me know in the comments.