AS WALES continues to battle Covid-19 and a series of fuel, energy and distribution crises, households appear to be battening down the hatches in preparation for a post-pandemic Britain.

The Welsh Retail Consortium (WRC) has published recommendations for the Welsh Government’s 2022-23 Budget amid fear around the dramatic fall (17 per cent) in retail spending, compared to pre-pandemic figures.

Consumer confidence in Wales fell due to the pandemic, which lines up with new data from Quotezone.co.uk that shows a 7.4 per cent drop in the average value of contents insured over the last 12 months – falling from £44,966 to £41,653.

It’s likely that many households will be unpacking last year’s winter clothes instead of buying new, while others will be stalling on bigger purchases, like sofas or TVs until the dust settles.

Households in the UK are likely spending less in preparation for an economic downturn, and some will already be feeling the squeeze and making cutbacks as a direct result of furlough ending and the rising cost of household bills.

Greg Wilson, founder of Quotezone.co.uk, a leading financial comparison platform, comments: “The fact that retail sales in Wales have continued to fall despite restrictions easing, suggests a widespread trend towards reduced spending – not the post-pandemic boom the retail sector was hoping for.

“The 17 per cent drop in spending is significant – but unsurprising. Economic disruption is becoming a daily occurrence as a result of a turbulent 19 months, and while some will be reducing spending in anticipation for Christmas, it’s likely many will be taking a longer-term view of their finances."

Mr Wilson said households can look to save more over the coming months by not auto-renewing, reviewing direct debits and cancelling any luxuries, as well as selling or repurposing existing household items no longer needed.

He addedL “Comparison sites also help households gather information – they can give an overview of what’s on offer across multiple providers instantly - comparing prices, add-ons and policy features to help them make savings.”