Budget stores boom as retail experiences 'hurricane season'
Customers are "trading down" and shopping in budget stores, in order to survive the worst effects of the credit crunch.
New analysis from the Confederation of British Industry (CBI) shows that 21 per cent of retailers say that sales have gone up since last year - but that they have declined for 48 per cent.
The motor trade, which relies on consumers spending big on cars and other vehicles, has experienced an unusually sharp decline, with sales going down for 78 per cent of firms.
Speaking to the Guardian Andy Clarke, who is chairman of a CBI panel as well as being retail director of Asda, commented: "Shoppers are increasingly focusing on price as the economy continues to slow and household budgets get tighter.
"There has been a marked migration to the value end of the market and many have cut back on luxuries it feels like we are in hurricane season."