Next chief warns of inflationary pressures on clothing sales

TheTODAY/ Next chief warns of inflationary pressures on clothing sales 

Lord Wolfson, chief executive of Next, warned that the squeeze on consumer spending could continue for at least the next 18 months, as sales at the clothing retailer were boosted by recent warm weather. He said he expected that inflation would rise faster than wages over this period, putting pressure on discretionary spending.

 

Holidays, eating out and clothes shopping were more likely to be cut back than fixed expenditure, such as mortgages and heating.