Sep 15, 2022
John Lewis customers spend less as inflation bites
John Lewis customers are cutting back on the amount they spend in its department stores and at its supermarket Waitrose due to the rising cost of living, the company has said. The retailer said while its number of shoppers had increased on last year, customers were spending less. The company said its losses this year were due to a combination of rising wholesale prices for goods not being passed on to customers, households cutting back on spending, and the "Unwinding" of Covid shopping habits. The company said the impact of the rise in the cost of living, specifically around energy costs, was "Evident in patterns of spending", with sales of its own-brand items rising 28% and energy saving goods, such as air fryers and smart thermostats, increasing. Dame Sharon said the outlook for the rest of the year was "Highly uncertain owing to the cost of living crisis and its impact on discretionary spending as well as criticality of our Christmas trading period".
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