Salford businesses have shared their fears over soaring costs as the UK heads for its darkest financial winter in decades.
As prices rise and the cost-of-living crisis deepens, suppliers are charging businesses more to purchase their stock, in turn forcing businesses to charge their customers a higher price.
As a result, independent businesses are being forced to raise the prices of their goods and services in order to keep up with their own outgoings.
A spokesperson for Monton Fashion House, on Monton Road, said: “I can certainly see that when I buy from my suppliers that everything is going up, and you can’t always put those prices onto the customer because everyone’s feeling the pinch so they don’t always want to pay more.
“(Energy bills) are starting to creep up, and I’m dreading what’s going to happen in the winter, this shops quite a cold shop.
“Looking forward I am looking at different ways of how I can heat the premises as over the last few years the heating bill has been astronomical for the size of the premises.”
Will Evans from Wandering Palate, a wine and beer shop, said that his business is trying to take some of the hit so that his customers don’t have to.
“Monthly costs have gone up and all suppliers are putting their costs up as well,” he said.
“At the moment we are not choosing to pass that on, so we are trying to absorb the cost and we’re trying to push back on some suppliers for price increases.”
UK households have been hit the worst by rising energy costs in Western Europe with an 8.2% drop in spending power in 2022.
Mr Evans says he is confident that his business will be fine through the crisis however, adding: “I think businesses like ours are probably in a better position to ride that out because people still want their treats on a weekend and grabbing a nice bottle of wine to take home will always be on peoples’ minds especially after a long weekend.”
Owners of other businesses, such as café and store Oats and Honey, also based in Monton, are feeling confident about what they have seen so far.
Sophie Smith, the owner of the store, said: “The shop has still been keeping busy because people are still happy to go out and do things and spend money that way.”
However, Sophie, who also owns the Booze and Burn candle shop, says she has seen a vast reduction in their online sales.
She said: “People are worried about spending money on products for themselves but they are happy to spend on experiences and doing things with friends.”
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