Norfolk brewer says firms must 'innovate', with consumer spending slump expected
Some 45% of consumers say they expect to spend less and 41% are "actively" looking for ways to cut unnecessary spending- says survey
A brewer in Norfolk says small-businesses must do everything they can to draw in customers- with the number of those hitting the high-street expected to fall.
Nearly half of us are planning on spending less when out and about over the next three months- due to rising essential bills- according to a national survey.
"It's all about seeking constant innovation"
David Holliday is the owner of Moon Gazer Ales, based in near Fakenham:
He told us what's likely to happen unless things change quickly:
"You are going to see more job losses. It's something that we're already seeing in the sector, unfortunately. It's also going to mean more business failures and people cutting back on how and when they open.
"It's all about seeking constant innovation and reacting to what the market is telling you and what they want. We can't just accept the status quo, we have to play to the market, excite it and be aware of where it's going".
The survey in more detail:
Some 45% of consumers say they expect to spend less and 41% are "actively" looking for ways to cut unnecessary spending, according to the latest Movers Index from Virgin Media O2 Business.
There has been an 8% year-on-year drop in retail visits for the first three months of the year, the index, which combines anonymous UK movement data from O2 Motion with survey findings, shows.
Nearly half of consumers (46%) have cancelled at least one subscription, rising to 80% of those aged 18 to 24, the figures show.
Meanwhile, office attendance has continued to climb in the first months of this year, with more than half of British employees (52%) going in more frequently.
Mobile data shows the first few months of the year were marked by a 5% increase in commuting trips, and a 1% increase from the same time last year.
Wednesday remains the most popular day of the week to go to the office, while 38% of workers now commute five days a week.
Most workers (65%) view return-to-office mandates positively, helped by a boost in perks and workplace culture.
What's the Government said on this?
The Government says it's increased the minimum and living wages to raise living standards for millions.