UK retailers face weak demand and a barrage of increased costs

Tough first few months of 2024 forecast for the industry as consumer confidence remains low

Retailers are facing a tough new year as weak consumer demand is expected to combine with a barrage of increased costs, including the higher minimum wage.

Shoppers are likely to keep their spending on pause during the first months of 2024, according to forecasts published today by the Retail Think Tank, a group of industry experts who analyse the health of the sector, as mounting mortgage and rental costs weigh on consumer confidence.