- According to a new study by Consumer Group Which?, the overall confidence of its consumers in the UK has taken a hit since the pandemic started.
- As per the June estimates, several UK families have defaulted on more than one category of payment.
According to a new study by Consumer Group, the overall consumer confidence in the UK has taken a hit since the start of the Covid-19 pandemic. According to the report, over two million households in the UK have missed paying bills every month since the beginning of 2022, mostly due to surging inflation and bills.
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As per the June estimates, approximately 2.1 million UK families have defaulted on at least one of their payments. The survey was based on an online poll of 2,000 consumers, which concluded that most citizens are struggling with financial difficulty.
According to the poll, since last year, the figures have gone down by 57% in May and 59% in April. According to the survey, only 8% believe that the UK economy will be able to outlast its current stage in the forthcoming months, while 78% think it's only going to get worse from here in the future.
Amid the falling confidence, let’s look at three retail stocks that investors may still consider.
Next Plc (LON: NXT)
The multinational clothing, footwear, and home products retailer on 6 July held a market cap of £7,936.05 million. The FTSE 100 company hasn’t had the best of luck of late as it has given its investors negative one-year and YTD returns of -21.66% and -23.93%. Its earnings per share (EPS) stood at 5.31 on Wednesday. Next Plc’s shares were trading at GBX 6,200.00 and were up by 1.37% at 11:36 AM (GMT+1).
Asos Plc (LON: ASC)
UK’s online fashion and cosmetics retailer recently reported the total revenue for the three months to 31 May 2022 at £983.4 million. This figure was down from £987.9 million in the same period in 2021. Asos held a market cap of £895.96 million as of 6 July. The FTSE 250 shares’ performance has deteriorated over the past year, with a one-year return of -82.47%. Its YTD figures too reflected a similar downtrend as it was down by -62.09%. Its earnings per share (EPS) stood at 1.26 at present. Asos Plc’s shares were trading at GBX 908.00, up by 1.28%, at 11:35 AM (GMT+1).
Marks and Spencer Plc (LON: MKS)
Marks and Spencer Plc boasted a market cap of £2,699.55 million as of 6 July and was trading GBX 908. The MKS witnessed a minor rally of 1.28%, at 11:35 AM (GMT+1) on 6 July 2022. The company has given negative returns over the past year of -11.71%, while its YTD return stood at -40.06%. Its earnings per share (EPS) stood at 0.16 at present.
Note: The above content constitutes a very preliminary observation or view based on market trends and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.