05 January 2023 , 13:50
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Shoppers who pop into Next later this year might be shocked to find higher prices on labels as the company announces price increases today. The move from Next could be a huge disappointment to millions of shoppers as the cost of living crisis in the UK soars, putting real pressure on countless families.
Next has said that its products will increase in price by eight per cent in the spring and summer season, before increasing even further in the latter months of 2023. The high street stalwart has said that rising operating costs and an increase in the price of goods is partly to blame.
Rising operating costs are partly to blame (Bloomberg via Getty Images)In the financial update which was released this morning, the clothing company has said that it had a stronger Christmas than expected in terms of sales, but stressed it needed to show caution moving forward this year.
The retailer said: "Both online and retail exceeded our full-price sales expectations, with retail being particularly strong. We think that we underestimated the negative effect Covid was having on our retail sales last year."
In addition, Next said that demand has taken a hit during the cost of living and energy crises which have affected households all over the country, as well as rising mortgage costs and its own hikes price hikes.
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This is not the first time Next has risen its prices, however as in March last year they went up by six per cent.
Next are not alone in their price increases (Bloomberg via Getty Images)Next is not the only company that has had to take action in the current climate, either.
Due to rising inflation rates, countless high street stores stores have had to up their prices.
Popular brands like Greggs and McDonald's have done the same as Greggs increased the price of a sausage roll from £1.10 to £1.15.
Meanwhile, Maccies has also upped the price of the 99p McDonald's Cheeseburger to £1.19.