Predictions are that retailers could have a tough time in the year ahead. Winifred Robinson from the You&Yours show on BBC Radio 4 says we spent less last year than we did the years before - On the high street, people are buying experiences and they don't cost as much as the stuff we used to buy.
Robinson asks Matthew Hopkinson, Director at LDC how our spending patterns have changed in the last decade, especially after the noticeable 2016 Brexit effect. Matthew talks about the increase in the number of shops closing, how this reached a peak at the time of the referendum in mid 2016 and how the situation reversed in the 2nd half of the year with more shops opening than closing. Matthew also points out that there was a lot of 'wait and watch' post Brexit but as we got into the final quarter of the year, people noticed that not a lot changed and continued business like usual.
According to Matthew Hopkinson and based on LDC data, more money is now spent on experiences and Food & Beverage - Tobacconists, barbers, and beauty salons are on the rise.
Where do you spend your money?
Listen to the full interview with Matthew Hopkinson here or click on the play button below at 00:20.