For some businesses, shrinking growth may soon become no growth

Linda Ellett, UK Head of Consumer Markets, Retail and Leisure, KPMG, said:

“As the cost of living continues to rise, consumers are having to cut back in order to balance their budgets.  Sales growth on the high street shrunk in March and with increases in energy prices and national insurance this month, more people will be scrutinising their non-essential spend.  

“For some businesses, shrinking growth may soon become no growth.  There’s no easy answers and putting costs up in this landscape may compound the issue.  Many will be doubling-down on their productivity plans, on the efficiency of their supply chain, and assessing whether new products or offers can give them a competitive edge.”

ENDS.

For further comment or interview please contact:

Steven Reilly-Hii

Media Relations Manager (Consumer Markets)

KPMG LLP

E: steven.reilly-hii@kpmg.co.uk

T: 07510 376635

About KPMG:

KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 16,000 partners and staff.  The UK firm recorded a revenue of £2.3 billion in the year ended 30 September 2020. KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.