Next to make huge change – and shoppers won’t be happy
NEXT is to make a huge change to prices and shoppers will be disappointed.
Shoppers might notice Next's clothes are more expensive this year as the retailer confirmed the increase today.
It comes as the cost of living in the UK soars, with energy bills and shop prices rising.
Next said prices will be up by eight per cent in the spring and summer, before rising again by another six per cent in autumn and winter.
In a financial update this morning, Next said that an increase in operating costs and the price of goods were partly to blame for the increase.
Next announced that it had better than expected Christmas sales, but said it remained “cautious” over the year ahead.
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It said demand has been impacted by the cost of living and energy crisis, rising mortgage costs and its own price hikes.
The retailer said: “Both online and retail exceeded our full-price sales expectations, with retail being particularly strong.
“We think that we underestimated the negative effect Covid was having on our retail sales last year."
Chief executive Lord Simon Wolfson said that added that shoppers also dipping into savings built up in the pandemic, while also keeping a tight rein on their energy usage to try and keep bills down.
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But it's not the first time Next has increased its prices, with costs going up by six per cent in March last year.
It comes as households and businesses battle soaring inflation, with is impacting prices in shops.
The UK’s current rate of inflation fell to 10.7 per cent in November, according to the latest figures from the Office for National Statistics (ONS).
Inflation is a measure of how much the prices of goods and services have changed over time.
When it goes up, prices on everyday items and essentials from groceries to fuel to transport costs increase - which means you'll pay more just to get by.
The ONS will reveal the the UK's inflation rate for December int he coming weeks.
Retailers including McDonald's and Greggs have increased their prices over the last year in a blow to consumers.
The price of a Greggs sausage roll has risen from £1.10 to £1.15 - an increase of 5p.
While the much-loved 99p McDonald's cheeseburger has increased in price, from 99p to £1.19.
How can I save money at the shops?
Keep an eye out for any sales, but make sure you only buy things you already planned to buy - otherwise you're not really making a saving.
Some retailers have secret sections on their online stores where you can find big discounts.
Amazon Warehouse sells returned goods at discounted prices.
Before you buy something online, check your emails or voucher websites to see if there are any valid money off codes that could help you get a cheaper price.
Buying second-hand is also a tried and tested way to get clothes, toys, books and homeware for less.
If you're worried about the impact of inflation on your supermarket shopping, you could switch to a cheaper grocery store.
Aldi and Lidl are often cheaper than other supermarkets.
You should also make sure you're making the most of any loyalty card schemes available.
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For example, if you're a Tesco shopper you'll be able to save money of hundreds of items if you have a Clubcard.
Grocers also sell discounted foods at certain times of day - check out our guide to the best time to shop for yellow sticker items.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]