Consumers enjoy early sales

Consumers in the UK are being treated to January sales prices in December, as major High Street retailers try to boost consumer spending by slashing the price of many goods in a bid to try and entice consumers and get them spending money in the stores again. Some shops have slashed prices on some of their goods by up to 75 percent over the past week.

The move comes amidst reports that many consumers are looking to cut back on their Christmas spending in order to try and weather the ongoing financial crisis, and without taking action major High Street stores risk losing a lot of custom and seeing profits tumble.

One official said: ‘It may be a difficult time for some retailers but, if you’ve got spare cash available, this will be a very good Christmas to be a customer.’

Another said: ‘There is always a lot of emotional pressure to spend money and spoil everyone over the festive season, and during the years of unprecedented boom time, many Brits enjoyed lavish Christmases. But this year, as budgets tighten, Christmas will become a much less indulgent affair.’

One analyst added: ‘With petrol prices – one of the more noticeable pulls on the purse strings – on the wane and interest rates set to fall further, shoppers may decide that spending, where bargains are to be had, might seem more sensible than saving, particularly in light of current attitudes to the banking sector.’