consumer services

Consumer Services Hit Hard by Spending Slowdown, says CBI

Businesses in the consumer-services sector have been hit hard by the economic slowdown, with sales falling to their lowest level in seven years, according to the Confederation of British Industry (CBI). The CBI Services Sector survey identified the hospitality industry, leisure industry and personal services industry as having been particularly affected by the tough trading conditions. The research revealed that a slowdown in consumer spending has resulted in the sales volumes of consumer-services firms such as hotels, bars, restaurants and cinemas falling to levels not seen since 2001. Costs have also increased for firms in the sector, causing profitability to fall to the lowest level since the CBI survey began in 1998. “Service sector firms are concerned about their prospects,&rdqu... »