People are trying to maintain a
lifestyle by cutting back on spending on the high street, latest statistics show.
According to the Daily Mail, June experienced the biggest one-month drop in sales since 1986.
A 3.9 per cent decrease was recorded by the Office for National Statistics, following May’s 3.6 per cent rise in sales.
The rising cost of food, household bills and fuel plus the slump in the housing market was blamed for the dip, according to the newspaper.
With outgoings rising, people may be more concerned about debt management and the threat of bankruptcy.
Shoppers are particularly cutting down on clothes and shoes, it was reported. Food sales also fell by 3.6 per cent – the largest fall since current records started, according to the Mail.
According to research carried out by R3 and published by the Press Association recently, 68 per cent of insolvency practitioners expect to see an increase in bankruptcy and IVAs in the next six months.
By Morwenna Kearns