Cost of living crisis

Inflation fell to 3.4% in February, down from 4% in January, helped by drops in food and clothing prices.

British outerwear brand Barbour has reported record turnover for the year to 30 April 2023, with sales up 20% year on year to £343m, however "intense cost pressures" hit profits.

As the new year kicks off, Drapers examines the biggest challenges that fashion retailers will face in 2024.

The UK inflation rate fell to 3.9% in November, down from 4.6% in October – the lowest since 2021, the Office for National Statistics (ONS) said today (20 December).

Retailers may be faced with prolonged discounting throughout the festive period as budget-conscious consumers show reluctance to pay full price.

GfK’s latest Consumer Confidence Index has increased by six points to -24 for the month of November, but remains in negative territory as the cost-of-living crisis bites.

From sequins, feathers and statement separates, Drapers speaks to fashion retailers and industry experts on how the partywear category is performing this autumn/winter.

New research shows that UK retailers are under growing pressure from theft - across stores and distribution centres - due to the ongoing cost of living crisis and reliance on temporary staff.

UK consumer confidence fell nine points in October, sounding the alarm for retailers in the run-up to Christmas.

At the Labour Party Conference today, shadow home secretary Yvette Cooper said that a Labour government would clamp down on retail crime – a stance backed by the British Retail Consortium.