Triple dip, anyone?

15 Feb 2013

So yet again the threat of a triple dip recession is looming is it?

According to the latest Office for National Statistics figures, retail sales volumes fell 0.6 per cent compared to this time last year and market watchers were expecting a sales growth. Durr, really?

The blame for this has been left squarely at the door (if it had one) of the snow, which forced shop closures and cause potential shoppers to stay at home.

Apparently. Maybe the snow-blamers should look slightly further afield. At the bleeding obvious.

It is pretty inevitable that individuals are feeling the pinch - rail fares went up by huge and unneccessary amounts last month, energy prices have gone through the roof, petrol prices are increasing daily and absolutely everything in the shops is more expensive. The joy of inflation and then some.

I'm noticing price hikes in my local supermarket of 50-100 per cent for some things.

Funnily enough the only thing that seems not to be increasing in line with everything else are wages.

So it is little surprise that working people aren't spending their money like water.

As with businesses there is cash around - but people - both consumers and corporate - are being much wiser about it and are either saving up for something, or shopping around for the best deal. And why shouldn't they?

I have been speaking with a number of channel chiefs recently about the economy and the majority of them say it is tougher than ever, but money is being spent eventually. They are just having to do a lot more legwork to get the same results.

To be honest I cannot help but roll my eyes everytime I see/hear the words 'triple dip' - this cautious 'value for hard earned money' mindset is not going anywhere fast, and the sooner the national press get their heads around it, the better off we will all be.

Things are never going to be the same as in 2007/8.

Maybe they can start banging on about the next drought?  (I wish!)

 

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