Shoppers Cut Back on Hairdresser Appointments and Takeaway Lattes
According to Currys, cash-strapped UK shoppers are finding ways to save money by skipping trips to the hairdresser and buying coffee machines and expensive hair straighteners instead. Currys CEO, Alex Baldock, revealed that customers still want little luxuries even when cutting back on other expenses. Many customers are opting to get salon-level care at home and brew their own coffee rather than spend £3.80 on a latte at popular chains like Costa and Pret.
Coffee Machines Offer Cost-Effective Solution
Currys offers a range of affordable bean-to-cup coffee machines that allow customers to enjoy a cup of coffee for just £1 a day. This is significantly cheaper than buying a latte on the way to work, which can cost customers nearly £20 a week. The popularity of these coffee machines reflects a desire to save money without sacrificing the small pleasures in life.
Air Fryers Remain Popular
In addition to coffee machines, air fryers are also selling strongly at Currys. These kitchen appliances are seen as a cheaper and healthier way to cook. With consumer confidence still uncertain due to factors like higher interest rates, customers are looking for ways to save money without compromising on quality.
Concerns Over Minimum Wage and Business Rates
Alex Baldock criticized the UK government for raising the minimum wage for low paid workers by 10% to £11.44 per hour while ignoring the burden of business rates. He argued that this will place additional costs on an already struggling sector and could result in job cuts or reduced staff hours. The electricals retailer is calling for a change in policy to alleviate the pressure on businesses.
Range Rover Prices Drop Due to Theft Concerns
The average price of used Range Rovers has fallen by 9.3% in the past six months, making it the luxury SUV with the biggest drop in value, according to Autotrader. The drop in value is attributed to the fact that Range Rovers are popular targets for thieves. Last year, they were among the most stolen cars in the UK. Jaguar Land Rover has responded by enhancing the security features on models produced since January.
Asda CEO Faces MPs Grilling
Mohsin Issa, the CEO of Asda, is set to appear before MPs once again as they examine the role of private equity ownership in major retailers. Concerns have been raised about the high levels of debt loaded onto companies by private equity firms, which can lead to financial difficulties and increased prices. MPs are particularly interested in the complex nature of Asda's takeover and the involvement of offshore company vehicles.
Security Concerns Over Three and Vodafone Merger
The proposed merger between Three and Vodafone should be reviewed on national security grounds, according to Liam Byrne, the Labour chairman of the Commons business and trade committee. The committee is concerned about the potential for Chinese authorities to access user data through Three's Hong Kong-based owner, CK Hutchinson.
New CEO Appointed at Thames Water Despite Financial Troubles
Thames Water has named Chris Weston as its new chief executive, offering him a potential pay package of £2.3 million. This comes just a day after the company announced that it did not have enough money to repay its debts. Weston, a former British Gas executive, will take up the role in January and will receive a salary of £850,000 along with additional benefits. Thames Water has been facing financial difficulties and there are concerns about the company's ability to repay loans.
Hydrogen Heating Trial Cancelled
A trial in Redcar, North Yorkshire, that aimed to replace gas central heating with either hydrogen boilers or electric alternatives has been cancelled. Energy Secretary Claire Coutinho cited a lack of support for the trial, despite claims that hydrogen could be a more environmentally friendly option. Some scientists argue that producing clean hydrogen requires a significant amount of electricity, while others have raised concerns about the potential for explosions.
