Tariff carnage could hit Britain's already battered High Streets, warns the British Retail Consortium
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Consumers could lose their appetite for shopping as tariff uncertainties take their toll, the British Retail Consortium has warned.
The trade association reported a 5.4 per cent decrease in shopping visits in March compared to the same month last year. The drop was skewed by the timing of the Easter holidays, which fell earlier in 2024.
But beleaguered High Street bosses are worried that the carnage sparked by Donald Trump’s trade wars could put a further dent in already battered consumer confidence,
BRC chief executive Helen Dickinson said: ‘Global uncertainties resulting from tariffs and a potential economic slowdown could reduce the appetite for shopping trips in the coming months.’
A separate survey by Deloitte also revealed that consumer confidence remained flat in the first three months of the year, compounding fears for the High Street. Firms were hit by an increase in National Insurance Contributions this month alongside other costs imposed by Chancellor Rachel Reeves in her October Budget.
Ian Stewart, chief economist at Deloitte, added: ‘Amid high levels of global uncertainty, a more cautious UK consumer is likely to constrain the ability of businesses to pass on higher wage and other costs to customers.’
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