Companies are cutting costs and are selling properties as they grapple with declining consumer demand.
About 57 per cent of medium-sized businesses in the UK see the drop in Britons’ spending as one of their biggest challenges over the next six months, new research suggests.
Almost two thirds of retail and wholesale businesses indicted their concern about the outlook for consumer spending, according to BDO, the accountancy firm, which polled senior figures at 500 mid-sized companies.
Inflation has prompted many customers to reduce their spending and some companies fear that demand will take time to recover.
Thirty-four per cent of the businesses polled intended to reduce their spending and were considering measures such as selling off properties or relocating to smaller premises. Others were looking