The British Independent Retailers Association (Bira) has said 2024 is anticipated to be a challenging period for shop keepers as economic challengers are still set to bite.
The association, who work with over 6,000 independent businesses in the UK, urged businesses to prioritise resilience and adaptability in the coming months.
Andrew Goodacre, CEO of Bira said: “While optimism usually accompanies a new year, we anticipate 2024 to be another challenging period given the prevailing pessimism in economic growth.
“We expect inflation to stabilise, and interest rates to remain where they are. Economic stability is crucial for us to focus on economic recovery. Bira recognises the need for a stable economic environment to empower its members and foster a climate conducive to business growth.”
He explained that the consumer confidence remains key, and that consumers will be likely to be looking for value and strong brands.
“The penetration of internet shopping declined in 2023, and we do not expect it to increase in 2024 – most people will want to buy in shops. This insight underscores the enduring importance of brick-and-mortar stores in the retail landscape,” added Mr Goodacre.
“The older generation represents a real business opportunity – higher levels of wealth and disposable income. We ask that retailers recognise the potential of this demographic, and not to ignore the often-retired generation’s significant purchasing power.
“Other opportunities will still be local shopping and business communities working together to create a vibrant, diverse high street that people want to visit and where they want to spend time and money.”
Mr Goodacre added that the political landscape would also have a huge impact on 2024, with a general election around the corner which is likely to bring “a period of instability”.
