Small businesses are increasing their prices due to the cost-of-living crisis.
Some shops in Nottingham said they are increasing their prices this Christmas because they are not gaining any profit and the cost of living keeps soaring daily.
They are battling with higher energy cost, transportation, and fuel.
“the conversion rate from dollars to pounds as affected us heavily”
Kirsty Hole, 101 vintage clothing shop owner
Kirsty Hole, 35, 101 vintage clothing shop owner, Nottingham, said: “We are very lucky in terms of our utility cost, it has not affected us so much because we are on a fixed tariff.
“For stock cost, it is starting to have an impact now. It is impacting us now in terms of importation. We import our stuff from USA, so it has impacted us in two ways.
“Firstly, the conversion rate from dollars to pounds as affected us heavily because it cost us more money to buy these clothes.
“Secondly, the shipping cost has gone up because of fuel and at some point, that might affect us too but for now it has not.
“Our DHL cost have gone up”
Kirsty Hole
“For transportation, we use electric cars, so it has not affected us but the only way it has affected us is through DHL, and our DHL cost have gone up.”
Kirsty talks more about how customers have been spending either more or less and how they are thinking of purchases more rather than being as impulsive as they were before.
She added: “People are more conscious about spending now. They come in and see something they love, and they go away first before buying it and then they come back.”
Bookshop manager, Melissa White say prices are increasing and the prices in store will have to change soon.
The 38-year-old said: “It has had an impact on us but also affecting smaller retailers more because publishers have put their prices on all the books up, so it has created a large bit of work for us to do.
“For example, the Christmas hardcover book are more expensive than they have been in previous years. They were £7 last year but now £10 and we would increase the price soon.
She added: “Some of our numbers of other products have gone up some has not and I am sure we will see more things like that soon.”
But it is not the same for Birds and blends tea shop, they are holding up well as they are an Eco-conscious company.
“As a company we are Eco-conscious”
Jasmine Knowles, Store manager
Jasmine Knowles, 30, Birds and Blends store manager, Nottingham said: ” It has not really impacted the business because as a company we are Eco-conscious, very conscious of overspending.
“People have also looked as the cost-of-living crisis as ‘whatever we only live once, let just have fun and enjoy Christmas because this is the first appropriate Christmas since COVID.”
The ‘cost of living crisis’ refers to the fall in ‘real’ disposable incomes.
The UK has experienced this since 2021.
There’s a rapid increase in energy costs, particularly gas. Housing and household services and transportation increased in July.
Cost of living crisis is making it hard for small businesses to attract and retain staff.
