Retailers will be going for further discounting in the new year to keep trade going, the British Retail Consortium (BRC) has said today.
In the face of shoppers' "tough personal finances" situation the BRC explains retailers will keep discounting during the first half of 2008, as it expects trading to be "challenging".
British Retail Consortium Director General Kevin Hawkins said: "With customers' short on spare cash and nervous about how their finances will shape up in the new year, it'll be a bumper January sales with bargains to be had as stores compete to tempt customers in.
"Retailers who haven't done the business they expected to before Christmas will be very keen to cut their losses and shift whatever seasonal stock they've been left with.
"With a challenging first half of the year virtually guaranteed for all consumer-facing businesses, retailers will be discounting well into 2008. On its own, December's interest-rate cut won't overcome the developing slowdown. I hope the Bank of England have more pencilled in for January and March or April."
Shoppers are continuing to take advantage of post-Christmas sales today after a number of retailers opened their doors yesterday.
Some online retailers even began their sales on the internet on Christmas Day, hoping to tempt early bargain-hunters away from their Christmas lunches.
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