📉 *Another* fall in food price inflation last month, per The British Retail Consortium & NIQ to 3.7%, and non-food basically flat year-on-year. Good omens for the official measure of CPI in a few weeks’ time:

🍔 The latest PwC UK x The Local Data Company's report found store openings in 2023 were at their highest level since before the pandemic. But which were the winning categories, and why? Watch Lisa Hooker and I discuss the findings, and read the report here 👉 pwc.to/3INoY1h

🛍️ Commenting on February's #retailsales PwC UK's Lisa Hooker tells August Graham 'falling inflation, a 2% cut in national insurance, and improving consumer confidence, shoppers are still hesitant to part with their hard-earned cash' uk.finance.yahoo.com/news/retail-sa…

We need good news as spending remains subdued....

…and openings also accelerating to their highest level since the pandemic according to PwC UK & The Local Data Company latest research.
Read Lucy Stainton and my comments to BBC News (UK). In a nutshell, my photo from yesterday: bbc.co.uk/news/business-…

🏬 The highest level of chain outlet openings since before the pandemic, with hospitality outperforming, according to PwC UK & The Local Data Company’s latest research
🗣️ Lisa Hooker, Lucy Stainton & I talked to Sarah Butler in today’s Guardian theguardian.com/business/2024/…

🛍️🍽️ As predicted, disappointment for retail and hospitality from today's #SpringBudget - nothing on VAT (beyond 90k threshold), nothing on business rates, nothing on tourist tax... exactly as I predicted last week linkedin.com/feed/update/ur…
Lisa Hooker PwC UK

So some help for smaller businesses with first move in VAT threshold in 7 years and extension of Covid and recovery loan scheme and help to the ave. consumer (duty freezes, child benefit and NI) but not much change for most retail and hospitality operators

PwC UK #SpringBudget

As expected a further cut to NI - putting £450 into consumer's pockets should help shoppers!

PwC UK and #SpringBudget
Kien Tan

Our consumer confidence survey indicated that the most squeezed are families so the increase in threshold on child benefit will be welcome

PwC UK and #SpringBudget
Kien Tan

Good to see support for our arts (films, theatres, orchestras and galleries) and £1bn into creative industries as will help support our town centres

PwC UK and #SpringBudget

Kien Tan

Hunt introduced permanent full expensing in the Autumn Statement last year and he now announced plans to apply it to leased assets - should be good for our retail and hospitality sector

PwC UK and #SpringBudget

Kien Tan

💷 Now this is something that smaller businesses, including many independent high street retail and hospitality operators, should cheer - as an extension of the Covid and Recovery Loan Schemes #SpringBudget

Keen to see anything that helps the consumer as retail and leisure spending has been subdued in Jan and Feb - good to see freeze on alcohol duty extended to Feb 25 and the continuation of freezing fuel duty to March 25 PwC UK and #springbudget2024

Kien Tan

📉 The British Retail Consortium has been an accurate early indicator of #inflation - and it found food prices FELL compared with last month
2️⃣ Together with the lower energy price cap, 2% CPI by April looks increasingly achievable...

⬇️ Headline vs ➡️ Reality
Confidence *did* fall if you take into account what consumers thought about the last year... but personal financial outlook is flat, and that's what affects spending. The GfK PFS outlook mirrors PwC UK's consumer sentiment index ft.com/content/52ada5…

Good to hear from El at our hospitality event that confidence on way up which is a leading indicator towards increased spending
⁦Kien Tan⁩

🍽️ And we’re away with PwC UK’s inaugural *hospitality* briefing, building on our annual retail briefings. Lisa Hooker kicks off with a review of 2023 trading

How do you shop for healthcare products? PwC UK’s #ConsumerHealthcare report reveals that the shopping habits may surprise you.
Read our insights to learn more: pwc.to/3wfZSVY

#ConsumerReconsidered #Retail
Kien Tan

🛍️ Despite today's bumper retail sales figures, PwC UK's Lisa Hooker says that 'consumers remain cautious about spending, particularly in discretionary and big ticket categories, and we do not predict a sustained recovery until the second half of 2024' bbc.co.uk/news/business-…