In the News

Exchange Rates | A Weaker Pound Hits Next (and Their Shoppers)

Jim Riley

30th September 2022

Another excellent example here of the impact of a weaker exchange rate on the costs of products imported by retailers.

BBC Business report here on how fashion and homeware retailer Next is experiencing higher costs of products it imports into the UK.

Next say that most of their clothing and homeware suppliers price their goods in US dollars, meaning costs were likely to continue rising into 2023.

A weaker pound makes imports dearer, but exports cheaper.

Some, but not all of these higher costs are being passed onto customers.

Selling prices for Next's 2023 autumn and winter ranges are up by an average of 8% this year compared with 2021.

Jim Riley

Jim co-founded tutor2u alongside his twin brother Geoff! Jim is a well-known Business writer and presenter as well as being one of the UK's leading educational technology entrepreneurs.

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