UK Housing Market Sees Homes Selling Quicker in October 2024 

The UK housing market has experienced a notable uptick in activity this October, with houses selling quicker than in previous months. According to data from property platform Rightmove, the number of homes sold in October 2024 has increased by a third compared to the same time last year. This surge in demand is driven by several key factors, including improved market confidence, more realistic pricing by sellers, and an easing of mortgage rates. As a result, homes are moving off the market faster, signaling a more competitive environment for buyers. 

Boost in Buyer Confidence 

One of the driving forces behind the faster sale times is a renewed sense of confidence among buyers. The economic uncertainty that gripped much of 2023 has somewhat stabilised in 2024, allowing prospective homeowners to re-enter the market with greater assurance. The lingering impacts of inflation and cost-of-living increases have moderated, and while the economy remains cautious, there's less fear of drastic interest rate hikes. 

This resurgence in market confidence has led to an increased number of buyers looking to capitalise on relatively stable conditions. The housing market is traditionally slower toward the end of the year, but the increased activity in October reflects a change in the typical seasonal pattern. Buyers seem eager to make purchases before any potential changes to mortgage rates or economic conditions in the months ahead. 

Easing Mortgage Rates Boost Demand 

Another significant factor driving the quicker sale of homes is the slight relaxation in mortgage rates. After a period of high interest rates in response to the inflation surge in 2023, rates have started to ease in 2024. While mortgage rates are still higher than in the low-interest years of the pandemic, the market has seen a dip that makes borrowing more manageable for potential buyers. 

With mortgage rates coming down, buyers are better able to secure financing for property purchases. This is especially relevant for first-time buyers and those looking to remortgage, as they now have more flexibility to act quickly. The increased affordability of mortgages has contributed to a rise in property demand, pushing homes to sell at a faster pace as buyers seize the opportunity. 

Mortgage rates are predicted to continue falling in 2025. - 

More Realistic Pricing from Sellers 

Sellers have also played a key role in driving the quicker sale of homes by adjusting their expectations. During 2023, many sellers held onto unrealistically high prices, believing that the market would continue to favor them. However, the slower market conditions earlier in 2024 forced a reevaluation, with many sellers now pricing their homes more in line with market trends. 

This shift in pricing strategy has made properties more attractive to buyers. The combination of realistic pricing and the desire to close deals quickly before year-end has created a perfect storm, with homes selling faster than anticipated. Sellers are becoming more willing to negotiate and settle for prices closer to the asking price, leading to quicker transactions overall. 

Regional Variations in Sale Times 

While the overall trend points to homes selling faster across the UK, there are regional variations in how the market is performing. Major cities such as London, Manchester, and Birmingham have seen particularly high levels of demand, pushing sale times down significantly. In these areas, the competition for properties is fierce, and homes are often being snapped up within days of hitting the market. 

You can see the most expensive places to buy a home in the UK here. 

On the other hand, more rural areas and smaller towns are experiencing a steadier, though still positive, increase in sales activity. These regions have also benefited from the easing of mortgage rates and improved pricing strategies, though the demand isn't as intense as in urban centers. As remote work remains a viable option for many, there is still a steady interest in properties outside of major metropolitan areas, contributing to quicker sales nationwide. 

Impact of New Housing Stock 

Another factor contributing to the quicker sale of homes is the availability of new housing stock. Several new developments have come to market in 2024, adding fresh inventory at a time when demand is high. These new builds, which often come with energy-efficient features and modern amenities, are especially attractive to buyers who may be concerned about future utility costs or the need for costly home renovations. 

The addition of new housing options also helps reduce some of the bottlenecks in the market by offering a wider variety of homes to choose from. This diversity in housing stock, combined with competitive pricing and mortgage accessibility, is helping to speed up transactions as buyers find homes that meet their needs more easily. 

The Role of Buy-to-Let Investors 

Buy-to-let investors are also playing a role in the quick turnaround of property sales. With the rental market remaining strong, many investors see the current housing market conditions as a prime opportunity to expand their portfolios. Lower mortgage rates and the potential for long-term rental income make it an appealing time for landlords to purchase additional properties. 

As a result, buy-to-let investors are snapping up homes that are suitable for renting, contributing to the overall speed at which properties are being sold. This has been particularly noticeable in cities with high demand for rental properties, where investors are keen to secure homes before the market becomes more competitive. 

Outlook for the Rest of 2024 

Looking ahead, the trend of homes selling faster is expected to continue, especially as we move into the final months of the year. Buyers are eager to finalise purchases before any potential economic changes, and sellers are motivated to close deals before the holiday season slows down activity. 

However, experts caution that the market may face some uncertainty in early 2025, depending on how interest rates and inflation evolve. While the current environment is favorable for quick sales, any shifts in these key factors could influence how the housing market performs in the near future. 

In summary, October 2024 has seen a notable increase in the speed at which homes are being sold across the UK. Improved market confidence, easing mortgage rates, and more realistic pricing from sellers have all contributed to this surge in activity. As the housing market adapts to these conditions, both buyers and sellers are benefiting from quicker transactions, making this an exciting time for the UK property market. 

The Importance of Retirement Planning 

Retirement planning is crucial for your financial stability in your later years, as you will have to sustain your lifestyle without a regular income. If you must rely on the state pension, this can lead to a challenging financial situation. By beginning your retirement planning as early as you can, you are giving yourself the best chance later on.  

Learn more about state pension.

Find out below how much you should have already saved for retirement based on your age group and what strategies you can put in place today to keep up!

Overview of Average Savings for Retirement 

In the UK, many individuals struggle to save adequately for retirement. The average retirement savings can vary significantly based on factors such as income level and age. Generally, it’s recommended that individuals aim to save at least 15% of their salary annually to achieve a comfortable retirement. However, many fall short, often relying on state pensions, which may not provide sufficient income to maintain their desired standard of living. 

Impact of Age on Savings Strategies 

Age plays a vital role in shaping retirement savings strategies. If you can start putting money away for retirement as you begin to enter full-time work, you will be able save much more. The amount you save each year can also increase as you earn more overtime and are able to manage your finances. As people begin approaching retirement age, their risk tolerance also decreases meaning that the return can often be limited.  

If you are thinking about beginning your retirement planning, no matter your age, it is never too late to start, get saving now and live your best life during retirement! 

Statistics on Average Savings by Age Group 

In the UK, average pension pots vary significantly across different age groups. Use this as your guide so you know what to aim for. Despite this being what others similar to you might have saved, the amount you need to save for retirement is a lot more! 

As of recent data: 

Under 30s: The average pension pot is approximately £8,000. Many in this age group are just starting their careers and may not be prioritising pension contributions. 

Ages 30-39: The average rises to about £32,000. Individuals often begin to focus more on savings as their careers progress. 

Ages 40-49: The average pension pot increases to around £77,000, reflecting a growing emphasis on retirement planning. 

Ages 50-59: The average jumps to approximately £125,000, as many are actively preparing for retirement. 

60 and over: The average pension pot for this group stands at about £190,000, though this can vary widely depending on individual circumstances and retirement plans. 

You can also find out the average savings based on age so you can find out if you are on track.

Factors influencing average retirement savings: 

Income Levels: Higher earners typically save more, contributing to larger pension pots. Conversely, lower-income individuals often find it challenging to save adequately. This is true for private pension pots as well as workplace pensions as your salary will decide how much is put into your pension pot. 

Lifestyle Choices: Personal spending habits can significantly affect how much individuals are able to save. Those who prioritise long-term financial security may allocate more towards their pensions. 

Employment History: Career stability and job changes can impact savings. Individuals with consistent employment often have more opportunities for pension contributions, while those with gaps in employment may struggle to build adequate savings. 

Financial Literacy: Understanding the importance of retirement savings and investment options plays a crucial role. Individuals who are more informed about pensions tend to save more effectively. This is why learning effective ways to save for retirement is so important. The more you know, the more you can help yourself. 

Importance of Having a Personalised Savings Target 

Having a personalised savings target is essential for effective retirement planning. It allows individuals to set realistic goals based on their unique circumstances, including income, lifestyle aspirations, and retirement age.  

Having a tailored approach will help you assess how much you need to have saves to achieve your desired retirement outcome.  

Find effective ways to save for retirement.

How Much Money Do You Need to Retire at Age 60? 

When you are planning your retirement funds it can be effective to determine your potential expenses. This way you will know what you are saving for. During your retirement it is expected to spend about 70-80% of your pre-retirement income annually. 

For the minimum retirement living standard from reports from 2019 is £10,900 for a single person and £16,700 for a couple according to Standard Life. Since 2019 this would have increased around £700 and £1000 respectively. 

For a comfortable lifestyle during retirement which includes several luxuries such as, holidays and financial freedom will cost on average £33,600 for a single person. This would be £49,700 for a couple which would have increased since 2019 by an estimate of £2,200. 

The key expenses include; 

1. Housing Costs: This can include mortgage payments, property taxes, and maintenance. On average, retirees may allocate around £12,000–£15,000 per year for housing. The amount spent on this will depend on location and type of property. 

1. Healthcare Expenses: As individuals age, healthcare costs typically increase. Estimates suggest retirees might spend around £3,000–£5,000 annually on health-related expenses. 

1. Living Expenses: Daily living costs—such as groceries, utilities, and transportation—can average around £10,000 per year. 

1. Leisure and Travel: Many retirees save for leisure activities and travel, with average annual spending in this area often reaching £5,000–£10,000. 

1. Emergency Fund: Setting aside an emergency fund of £1,000–£2,000 is recommended to cover unexpected costs. 

Overall, a retiree at 60 may need approximately £25,000–£40,000 annually to maintain a comfortable lifestyle, depending on individual circumstances. 

Savings strategies by age group 

In Your 20s: Start Early 

By starting early you can maximise the power of compound interest. Use our compound interest calculator to see how it works.

Aim to save 10-15% of your income. Consider contributing to a pension scheme, such as a Workplace Pension, where employers often match contributions. A Stocks and Shares ISA is also a great option for tax-efficient savings and investments. What is an ISA?

Tips for Budgeting and Saving Effectively 

Create a budget to monitor your spending and identify savings opportunities. You can use budgeting apps to help you. 

In Your 30s: Building Momentum

As your income rises, increase your savings contributions. Strive for 15-20% of your income to go towards retirement savings, taking full advantage of any employer matching in your pension.

Start diversifying your investments by including a mix of equities and bonds in your pension or ISA. This balance can help manage risk while maximising potential returns.

• Prioritise high-interest debts, such as credit cards, and pay them off as quickly as possible.

• Consider consolidating debts to lower interest rates and make repayments more manageable while continuing to save.

In Your 40s: Catching Up

Reevaluate your retirement goals and assess whether your savings are on track. Adjust your strategy as needed based on lifestyle changes, income, or shifts in retirement plans. 

If possible, increase your pension contributions to the maximum allowed. Taking advantage of tax relief can significantly boost your retirement savings. 

• Consider side hustles or freelance work to generate extra income.

• Look into real estate investments, such as buy-to-let properties, to enhance your financial portfolio.

In Your 50s: Preparing for Retirement

Now is the time to boost your savings. Aim to save 20-25% of your income if possible, focusing on your pension and other investment vehicles. 

Evaluate your current spending and identify areas where you can cut back. This will allow you to redirect funds into your retirement savings in these crucial years. 

Common Retirement Planning Mistakes to Avoid 

Planning for the long-term -  People often underestimate the length of time they need to save for in retirement. Planning for a longer retirement can help ensure you don’t outlive your savings. 

Planning for Inflation and Unexpected Costs - Consider how inflation will affect your retirement savings. If you are just starting to save then by the time you need your retirement funds it will be worth less due to inflation. Additionally, you will need to prepare for any unexpected expense during retirement such as, home repairs.  

Importance of Regularly Reviewing and Adjusting Plans 

Life circumstances change, so regularly review your retirement plan. Adjust your savings strategy as needed to stay on track towards your goals. 

Adapting to Life Changes 

Be prepared to adapt your savings plans in response to job changes, family dynamics, or health issues, ensuring that your retirement strategy remains aligned with your current situation. 

• Limit discretionary spending on non-essentials and focus on building your emergency fund. 
• Automate savings by setting up direct debits to your savings or investment accounts. 

Have you got enough money put away for retirement based on the statistics above? Leave a comment below

7 Simple ways you can make money now 

In today’s fast-paced world, finding easy ways to make some extra cash can be a game-changer. More people are looking for ways to make extra money, at the beginning of 2024 in the UK 1 in 4 adults had a side hustle, small business or a secondary job alongside their full-time careers. In the US more than a third of adults — and nearly half of millennials and Gen Z have a second stream of income in 2024.

Whether you need to pay off bills, save for a vacation, or just have some fun money, there are numerous avenues available that anyone can tap into. Here are 7 simple ways you can make money now! 

Making money online  

Survey Junkie has over 20 million members using their services to make money easily online. As one of the most well-known platforms for earning money through surveys, you can start today and join the millions earning extra.  

Making money online is becoming increasingly popular as more people look for easy ways to increase their monthly income around their current day-to-day jobs. Completing surveys is one way to do this and Survey Junkie is one platform which offers you an accessible way to do this. 

What is Survey Junkie? 

Survey junkie is a user-friendly platform so that anyone can start making money online by completing surveys. Brands want to hear from you, you will be giving your opinion on products, services, and more so that they receive consumer insights. 

Once you create an account you will have surveys that match your preferences in interests, length of time and points earned. When you earn enough points, you can convert them into real money either through PayPal or e-Gift cards that you can use. 

How to get started on Survey Junkie 

Sign up to Survey Junkie if you are 18 years old or over so you can start claiming rewards.  

• You will be asked several profile questions so that the platform can then match surveys to your relevant interests and background. This way the insights are accurate and will likely be something you are interested in. 

• You can decide how you participate, whether that is through sharing your opinions via surveys or focus groups for rewards. Alternatively, you can sign up for surf to earn which will automatically share digital browsing behaviors. This will track the websites you use, Ads you see, shopping terms, content you engage with online and more. You will be rewarded when you allow digital sharing on your device. 

How you can earn money 

The more you participate, the more you can earn. Survey Junkie cannot take the place of a full-time job, but it will give you some extra money if you are saving for something, or just need a bit extra.  

If you complete 3 surveys a day in your spare time you could make $40 a month on average.  

Each survey you complete you will earn points; one point is equal to 1 cent on average. So, it may take a while to build up your earnings. 

How to redeem your earnings 

Once you have earned some points you can redeem them through the platform which uses PayPal if you want money.  

You can also redeem them in e-Gift cards for places such as, Amazon, Walmart, Target and more. This could help you build up a pot of money for your shopping.  

Pros and Cons of Using Survey Junkie  

Pros - 

• Flexible Earning – Survey Junkie will offer a highly flexible way to make extra money, allowing you to choose when, how often and which surveys to complete. This gives you full control of your schedule making it compatible with any other commitments you have. 

• Simple and easy tasks – The surveys are straightforward and easy to complete. You’ll be earning money based on your opinions on simple tasks which don’t require any skills. This means you won’t have to set aside much time and you can do it after a hard day at work. 

• User-friendly interface – Survey Junkie is praised by its members for its easy-to-navigate interface. Even those with little tech experience find it accessible.  

Cons - 

• Limited earnings - You do not earn much per survey so it will take a while to build up any significant earnings through this method.  

• Limited number of tasks - After your account matures, users report that the number of available surveys also declines. This means you will have less options to make money. 

• Disqualification - Users also report being disqualified often and unable to complete surveys. This could be because you don’t match the target audience, or the platform determined that answers were not accurate and honest. This can be frustrating after completing long surveys and only be rewarded with a couple of points for trying but not the full amount you expected.  

• Redeeming rewards - It can be tricky to redeem your winnings. You can take out the full balance in cash through PayPal, however if you have 2700 points you will be given a $25 Gift card for your chosen store and have left over points on your account. Gift Cards will only be given in certain increments so you will have to work this out beforehand to get what you want. 

Tips to Maximize your earnings 

- Completing your profile questions so you can have relevant surveys given to you. 

- Logging in to your account daily to check for new surveys. 

- Sign up to surf to earn if you are happy for your data to be shared as you can win more points this way. 

- Referring to friends can often win both of you rewards. 

Conventional wisdom dictates how an expanding presence on the market and ever-higher quarterly returns embody a company's growth. While these are its most direct outward indicators, growth, especially the sustainable kind, is about more than short-term monetary gain.

A growth-oriented workplace is people-centric. It's the kind of workplace employees genuinely enjoy returning to, as their value is recognized and their capabilities are challenged. In a workplace like this, better results appear naturally and continuously due to drive, innovation, and professional pride, not fear and unhealthy competition. Do you want your company to become such a workplace? Then, put the following tips into practice: 

1. Embody the Changes You Wish to Implement

Creating a growth-focused company culture and environment starts with decision-makers. You can't expect employees to want to grow and do so effectively without providing the necessary support. That means being an engaged leader who actively listens to concerns, doesn't micromanage, and involves employees in decision-making. After all, they likely know more about certain aspects of your product or how to complete a task better than you do.

2. Define Actionable Goals

Fostering growth for its own sake is aimless and ineffective. Instead, channel such efforts into achieving concrete, attainable goals in a reasonable amount of time. This will help clarify which growth strategies to pursue while eliminating employee confusion and lack of direction.

It's a mistake to assume that growth and increased productivity are the same. A team member can spend extra time performing an outdated procedure and achieve better results. Yet, these can still be worse than learning and implementing an improved version of that procedure. Focusing on productivity rather than growth can actually be detrimental, leading to higher job dissatisfaction and turnover while not meeting goals. 

3. Offer Learning Opportunities

Employees worth nurturing are happy to learn and continuously improve. It's the leadership's job to encourage them to engage with diverse learning opportunities, preferably ones that align with employees' strengths and career pursuits. Certification, coaching, mentoring, and even exchanging knowledge in group settings are invaluable growth-fostering tools you should use liberally to benefit everyone. 

4. And an Experimentation-Friendly Environment

Fear of failure is one of the most common pitfalls when pursuing personal and professional development. Yet, failure is also a major source of inspiration and growth potential. Savvy managers realize this and strive to create environments where employees can experiment and fail without reprimand.

This may drastically boost innovation since removing the fear of failure encourages employees to try new approaches and keep working through problems even when faced with initial setbacks.

Encourage others to question current ways of doing things and devise better alternatives. Recognize their efforts and adopt beneficial changes discovered this way to boost productivity organically. 

5. Don’t Neglect Data Safety & Privacy

Maintaining a safe and stable working environment that is resilient to compromise is among the main prerequisites of any growth-oriented company. After all, how can you pursue betterment if data breaches, malware, and other threats undermine your trustworthiness and financial security?

Controlled and secure access to various services indispensable for business operations is crucial. Password managers offer a cost-effective and streamlined approach to account security since they can create, store, and reinforce any number of unique and complex passwords with multi-factor authentication. Whether your organization is a startup or nonprofit, password managers are essential for keeping your business.

However, when selecting a password manager, you need to be diligent about the provider. Select one with a good track record and reputation. In addition, make sure to keep an eye on the additional features your team should have. Check reviews and the famous password manager comparison table on Reddit to find the best option for your business.

Maintaining backups of mission-critical files and systems is a must, as is investing in employees' continued cybersecurity education. Strict compliance with industry standards is a given, especially now that privacy concerns have come under public scrutiny. Ensure that you collect as little data as possible without impeding operations.

6. Implement a Feedback System

Measuring growth depends on unrestricted two-way communication. Employees need to find you approachable enough to exchange ideas, and they’ll also be more amenable to receiving feedback. That’s how you help align their performance with company goals and expectations.

Creating feedback opportunities and guidelines gives people the guidance they need to correct potentially sub-optimal actions before they become issues. If you professionally present feedback and frame it as a learning opportunity, the recipient is far more likely to learn and adapt without feeling disheartened or pressured.

Conclusion

Fostering growth is something you, as a leader, can do at any stage of your company’s development to create a thriving, innovative, and contented workforce. Don’t lose sight of the above tips, and your growth strategy is sure to pay off!

How will the U.S. Interest rates cut affect you?

The recent announcement from the US Federal Reserve as they made a significant cut to interest rates of 0.50% points marks the largest reduction in interest rates since 2020. Typically, the Federal Reserve adjusts rates by just 0.25 percentage points at a time, so this half-point cut is a substantial move designed to have a noticeable impact on the economy.

The cut brings the federal funds rate to a range between 4.5% and 4.75%, the lowest it has been in two years.

Their goal with this cut is to stimulate the US economy, encourage businesses to and consumers to borrow more money at lower rates. This should lead to more spending and in turn economic growth.

Why have interest rates been so high?

Interest rates in the US and globally have been at a record high over recent years due to a combination of pressures. COVID-19 caused economic disruptions and the supply chain issues that followed caused a surge in inflation in the US and globally. Consumer prices have been rising for goods like groceries, fuel and housing which has prompted the Federal Reserve to act.

They raised interest rates in several increments, hoping to cool down spending and borrowing, which in turn could help bring inflation under control. When borrowing costs increase, both consumers and businesses tend to spend less, slowing economic growth and reducing inflationary pressures. Over the past year, the federal funds rate had been raised to around 5%, one of the highest levels in decades.

This has had a substantial effect on the economy, the housing market has begun to cool due to higher mortgage rates and businesses pulling back on investments. Inflation has began to moderate as the Federal Reserve begins their balancing act to ensure inflation doesn’t reignite whilst avoiding a recession.

Why have they cut interest rates now?

While inflation has eased in recent months, there are concerns that the high interest rates were beginning to stifle growth too much. By making borrowing cheaper through this significant 0.50 percentage point cut, the Fed aims to boost both consumer spending and business investment. This recent cut should support economic growth in the US for 2025.

Lower interest rates can make it cheaper for businesses to expand, hire more employees, and invest in new technologies. For consumers, this can mean more affordable loans for things like homes, cars, and education. As borrowing costs decrease, individuals are more likely to take out loans, which in turn can drive up demand for goods and services, helping to boost the economy.

With reduced interest rates, consumers might feel more confident about making big-ticket purchases, such as homes or cars, knowing their monthly payments will be lower. In turn, this renewed confidence and spending can have a ripple effect, encouraging businesses to expand and invest more heavily, further stimulating the economy.

How the rate cuts affect the typical US family

This rate cut has several implications for US families, particularly when it comes to managing everyday expenses. One of the most immediate effects will be felt in mortgage rates. Families looking to buy a home or refinance their current mortgage may see lower interest rates, which can significantly reduce monthly payments. A 0.50% reduction in interest rates can translate to thousands of dollars saved over the life of a mortgage, making homeownership more affordable.

Those with credit card debt or personal loans may notice lower interest rates on their outstanding balances making it easier to manage repayments. Financing a new car or making large purchases will become more affordable as loans will be more accessible. This will allow families to have an increase in spending money which will be poured into the economy through purchases and days out.

How global markets are affected

Changes in U.S. monetary policy often ripple through global markets, and countries like the UK could be affected. For instance, the UK’s financial markets often move in tandem with the U.S., particularly in terms of bond yields and currency exchange rates. If U.S. interest rates decline, it can weaken the dollar, making other currencies like the British pound stronger in comparison. This can affect UK exports, making British goods more expensive for U.S. consumers.

US rates can also promote central banks such as, the Bank of England to consider their own policy adjustments.

The next announcement

the next major Federal Reserve decision is set for November 7th, just after the U.S. elections. The timing of this announcement has sparked debates about how political and economic factors will intersect. Many are questioning whether future rate cuts will continue or if the Fed will pause to reassess the state of inflation and economic growth post-election.

ASOS through the years

Founded in 2000, ASOS (As Seen On Screen) emerged as one of the leading online fashion retailers in the UK, catering to a global audience with its wide selection of clothing, accessories, and beauty products. Initially launched as a platform where customers could buy outfits similar to those worn by celebrities, ASOS quickly grew in popularity, particularly among younger, fashion-conscious shoppers looking for affordable and trendy options.

Over the years, ASOS expanded its offerings and developed its own in-house clothing line alongside the 1,000 brands available on its platform currently. The company capitalised on the e-commerce boom in the early 2000s, building a reputation for fast fashion, variety, and customer service. ASOS became a fashion powerhouse in the 2010s serving millions of global customers, innovating through their app, free returns policy and influence partnerships which are continually more important.

However, despite its early success, ASOS has recently faced significant challenges.

ASOS’s First Operating Loss and 2023 Financial Decline

In 2023, ASOS reported its first-ever operating loss of £248 million. This was a significant blow, as it came after years of impressive financial growth.

Revenue for the year totalled £3.54 billion, which marked a 9.9% decrease compared to 2022.

One of the main factors behind the financial decline was the decrease in active customer engagement. ASOS had 23 million active buyers in 2023, with around 40% of these coming from the UK. While this is still a large customer base, the overall number of orders placed dropped dramatically, from 98.3 million in 2022 to 83.7 million in 2023. This decline in consumer activity highlights the difficulties faced by online retailers amid changing market conditions.

The average basket value increased during this period, rising to £40.88 in 2023 from £38.21 the previous year. This suggests that while fewer orders were placed, customers who did shop at ASOS were spending more per transaction. However, this was not enough to offset the overall decline in order volume.

Several factors contributed to ASOS’s struggles in 2023. Inflation and the cost of living has reduced consumer spending across various sectors including fashion. Households have less disposable income for non-essentials. The rise in competitors and an increase in retailer apps makes it harder for ASOS to maintain its dominant position. Many shoppers are starting to increase their sustainability when finding new items, this includes finding second hand options or shopping less often. This could impact the amount of orders placed with ASOS in 2023.

ASOS share price is constantly changing however, there have been hints of recovery of late, climbing 7.98% over the past year. This is still a long way from the historical highs of over £57 in 2021.

How ASOS maintained popularity

Despite these challenges, there are several strategies that online retailers like ASOS can employ to maintain or regain popularity in a highly competitive marketplace. First, customer experience remains paramount. Offering features like free and easy returns, fast delivery, and personalised recommendations can encourage customer loyalty. ASOS, the user-friendly app with a vast range of brands, already has a strong foundation in this area, but continual investment in enhancing the online shopping experience will be key to staying ahead.

ASOS is also known for its ability to offer the newest styles and trends at affordable prices to keep up the fast changing landscape of fashion as well as keep up with other fast fashion competitors. Online retailers must balance being trend-responsive with sustainability—an area where consumer expectations are shifting. As more shoppers become conscious of the environmental impact of fast fashion, offering sustainable options and transparent business practices can be a powerful differentiator.

Another crucial factor is adapting to new marketing strategies. The rise of social media and influencer culture has significantly changed how consumers engage with brands. ASOS has a history of successful influencer collaborations, but as digital marketing evolves, it needs to embrace new platforms like TikTok and leverage the power of short-form content to reach younger audiences.

If you want our sales curve to steadily move upward, you have to formulate business policies accordingly to make it happen. In an overcrowded sales market for goods and services, you cannot grow organically unless you strategize your corporate policy.

According to a recent MMR (Maximise Market Research) study, the global demand for digital business cards is rising, as 37% of small businesses and 23% of individuals have used a digital business card app till 2023. The report says:

The digital business card market was valued at USD 167.49 million in 2023, and the total digital business card revenue is expected to grow at a CAGR of 11.9% from 2024 to 2030, reaching nearly USD 367.96 million by 2030.

7 Strategies that Can Help You Grow Your Business

You need to be innovative to find new markets besides consolidating the existing and old ones. Since businesses are fast becoming digitized, you can take advantage of high-tech methods and utilize all the marketing avenues opened up by digital tools.

Though you can formulate several strategies to grow your business, we are explaining below seven of the most potent ones:

Add Impetus to Your Public Relations

Without a PR blitz, you cannot grow your business. Due to this reason, you must give special emphasis to corporate public relations. This will help you bring in a large number of customers to your business platform. The PR thrust can help you create a future pipeline of customers as well.

Use Digitised Business Cards

If you use business cards, this can greatly help you get linked directly to a large number of future customers. The use of paper-printed physical cards has become old-fashioned. In this era of digitization, people you meet during business conferences would prefer to have e-cards, as they can store them directly on their mobile or tablet and contact you if they want to source a particular commodity or service from your company.

You have to be innovative in your sales program to remain in the market. Among the other strategies formulated by you, the use of a phone business card can be a major sales booster.

Enhance Brand Value

As you know, the market space is overcrowded by suppliers of similar services and finished commodities. This poses a great challenge for you to market your products and services. You can get the upper hand in this highly competitive market only by creating a brand aura around your products and services. If the value of your brand is enhanced, customers will automatically be attracted to your products and services.

Marketing Survey of Demand for Goods and Services

As a mature businessperson, you must periodically employ marketing intelligence companies to map the demand scenario for a particular service or product. You should also ask these companies to feed you with area-specific demand for the goods and services you end. This method can greatly help you boost sales and grow your business organically.

Searching New Markets

You can gain a lot by searching new markets. As you know, the growing urbanization of the country has led to rural areas becoming semi-urban and semi-urban areas taking on the shape of urban areas. The existing and old urban markets are fast becoming saturated. Cutthroat competition in metropolitan and highly urban markets is getting restricted due to the flooding of commodities and services of identical nature. This offers you a tremendous scope to market your products in emerging markets, which are rural ones turning semi-urban ones.

Social Media Focus

Various social media platforms have now become marketing facilitators. The number of internet users has grown stupendously. There is a young populace that is perennially present online. Before sourcing any commodity or service, they first see the social media presence of the company and then place the order if their presence is strong with customer comments. Due to this, you must constantly focus your brands on social media platforms to win the confidence of future customers.

Email marketing

You must expand the reach of your brands across territories. As online marketing grows, you can get a lot of mileage out of email marketing. Today, even big companies and reputed brands are taking advantage of mass mail through emails. If you regularly mail product details, their pricing, and the comparative benefit of sourcing the products and services from your company, you can certainly attract a large number of new customers.

These seven points should form the core of your marketing policy to stand out from the competition and help your company’s business grow organically.

Conclusion

Growing business organically is a major challenge today due to tough competition in marketing and the identical nature of goods and services vended by a large number of producers and dispensers. This particular factor necessitates that you take certain special steps to optimize business queries into actual sales to boost business growth.

 You aren't alone in your debt

Personal debt in the UK has been steadily rising, reflecting broader economic challenges and individual financial pressures.

By the end of May 2024, UK residents collectively owed a staggering £1,852.5 billion in debt.

This marked an increase of £205 million compared to May 2023, adding an extra £275.94 of debt per adult. These figures highlight that personal debt in the UK is a growing concern for individual and households.

On a per-household basis, the average debt, including mortgages, stood at £65,239. So, for adults, the average debt was £34,537—an amount that is approximately 96% of the average annual income in the UK. This means that the typical adult in the UK owes nearly as much as they earn in a year, creating a cycle of debt that is almost impossible to break.

The Main Causes of Debt

• Credit Cards and Overdrafts

Credit card debt is one of the most common forms of personal debt in the UK.

In 2023, it was reported that 43% of UK households were dealing with credit card debt.

Credit cards can be a convenient financial tool, allowing consumers to make purchases and manage cash flow. However, they also come with risks, particularly when not managed properly. High interest rates on unpaid balances can quickly escalate the amount owed, leading to a cycle of debt that is difficult to break.

Overdraft debt is another significant issue, with 22% of UK households facing this type of debt, according to Equifax. Overdrafts can provide short-term relief for those who need to cover expenses before their next pay check, but like credit cards, they can also lead to financial difficulties.

It's crucial for individuals to understand the risks associated with credit cards and overdrafts. Before taking on such debt, consumers should ensure they can afford the repayments and are aware of the potential consequences of missed payments or accruing high-interest debt.

• Low Income

Low income is a significant driver of debt in the UK. Many people find themselves bordering on the poverty line due to salaries that are too low to cover the rising cost of living. The situation has been exacerbated by soaring energy bills, which have forced some households to go without heating or electricity in an effort to save money. When income is insufficient to meet basic needs, individuals may resort to borrowing to cover essential expenses, leading to a cycle of debt that can be difficult to break.

For those struggling with low income, managing a budget becomes critically important. Careful planning, prioritizing essential expenses, and seeking assistance where available can help manage limited finances. There are several ways to manage a budget on a low income and despite the difficulties by creating healthy habits you can take back your finances.

• Lifestyle Transitions

Lifestyle transitions, such as changes in employment or relationships, can also lead to increased debt. For instance, moving from a two-income household to a single income, due to a separation or the loss of a job, can create financial friction. The sudden drop in household income may lead to difficulties in meeting existing financial commitments, forcing individuals to rely on credit to bridge the gap.

Similarly, changing jobs can bring new financial challenges. A job change might involve a change in salary, which could be lower than anticipated, or new expenses such as commuting costs or relocation. If not properly planned for, these transitions can result in unexpected debt.

• The Challenges of New Businesses

Entrepreneurship can be a rewarding path, but it also comes with significant financial risks.

According to Experian, 50% of new businesses in the UK close within the first three years.

For many entrepreneurs, starting a business often involves taking on personal debt, whether through loans, credit cards, or dipping into personal savings. When a business fails, the debts incurred can remain, leaving the individual with substantial financial liabilities. When taking on a business loan it is important to weigh the risks.

The high failure rate of new businesses means that many entrepreneurs find themselves burdened with debt long after their ventures have ceased operations. This can have a lasting impact on their personal finances, potentially leading to further borrowing to manage the debt, which in turn can exacerbate their financial difficulties.

The Broader Impact of Personal Debt

The rising levels of personal debt in the UK have broader implications for both individuals and the economy. High levels of debt can lead to financial stress, affecting mental health and overall well-being. For households with significant debt, the burden of repayments can limit their ability to save, invest, or spend on necessities, which can have a ripple effect on the economy.

Moreover, as interest rates rise, the cost of servicing debt becomes more expensive, further squeezing household budgets. This can lead to a situation where individuals are only able to make minimum payments on their debt, prolonging the repayment period and increasing the total amount paid over time. You could qualify for debt relief which can significantly relieve the burden.

For those facing overwhelming debt, it is important to seek help early. Debt counselling services and financial advisors can provide guidance on managing debt, creating a budget, and exploring options such as debt consolidation or repayment plans. Taking proactive steps can help prevent debt from spiralling out of control and provide a path toward financial stability.

The Bridgerton Universe brings in the cash

The Netflix original series Bridgerton, a lavish period drama set in Regency-era England, has not only captured the hearts of millions of viewers but also had a significant financial impact on Netflix and the broader economy.

Created by Chris Van Dusen and produced by Shonda Rhimes, the series quickly became one of Netflix’s most-watched shows, blending romance, scandal, and stunning visuals to create an irresistible viewing experience. The success of Bridgerton can be measured not only by its viewership but also by its cultural and economic influence and we can clearly see, the Bridgerton universe brings in the cash.

How much did Bridgerton cost?

Producing Bridgerton was no small investment. Each episode of the series reportedly cost around $7 million to produce, reflecting the high production values that have become synonymous with the show. These costs cover everything from the elaborate costumes and detailed sets to the star-studded cast and the intricate cinematography that brings the world of Regency London to life. Despite this hefty price tag, Netflix’s investment in Bridgerton has paid off handsomely. The series quickly became one of the streaming platform’s most popular offerings, drawing in millions of viewers worldwide and solidifying Netflix’s position as a leader in original content.

Netflix has been generously spending on producing their original shows, find out how much their most expensive shows cost.

How much did Bridgerton make?

The financial success of Bridgerton extends beyond Netflix’s subscriber base. The series has contributed significantly to the UK economy, over the past five years.

According to reports, the Bridgerton series has added £275 million to the UK economy, providing a substantial boost to the country’s creative industries.

This economic impact is felt most acutely in the local businesses that support the production, including costume designers, set builders, caterers, and more. In total, Bridgerton has supported around 5,000 local businesses, having a ripple effect on the local communities.

The cultural impact of Bridgerton has also translated into economic benefits, particularly in the tourism sector. Fans of the show have flocked to filming locations across the UK, contributing over £5 million to local economies in areas such as Bath, Bristol, and the surrounding regions.

Iconic locations like Castle Howard in Yorkshire have seen an increase in visitors due to the series providing benefits to hotels, restaurants, souvenir shops and more.

Beyond tourism, Bridgerton has influenced consumer behaviour in a variety of ways. Fans have sought to emulate the show’s distinctive style, leading to a surge in demand for Bridgerton-inspired clothing, makeup, and home décor. Recognising this trend, Netflix launched a Bridgerton merchandise shop, offering themed clothing and accessories that further capitalised on the show’s popularity. The series also sparked collaborations and partnerships with various brands, including Republic of Tea, Kiko Milano, Pat McGrath Labs, and Allure Bridal. These collaborations have generated additional revenue for both Netflix and the participating brands.

One notable example of the show’s commercial influence is the partnership with Lush, a popular cosmetics brand. After launching their Bridgerton collection, Lush saw a 25% increase in monthly subscribers, with 20% of sales coming from new customers.

The Bridgerton Universe has not only created huge success for Netflix and those involved but the indirect impact on the surrounding areas and businesses highlights the affect that popular shows can have on an economy.

Will the next season bring in even more?

In 2024, Taylor Swift's "Eras Tour" has not only cemented her status as a global superstar but has also shattered records, becoming the highest-grossing music tour ever.

Swifties are carrying the economy this summer

The economic impact of Taylor Swift’s tour ripples through various sectors, with each benefiting significantly from the surge of fans flocking to her concerts. The music venues, first and foremost, have seen record-breaking ticket sales, with each venue filled to capacity, generating substantial revenue from not just ticket sales but also from merchandise and concessions.

Hotels across the UK, particularly in London, have experienced a notable spike in bookings. Many fans are booking accommodations months in advance, with some staying multiple nights to fully immerse themselves in the Swiftie experience. Barclays research predicts that each person attending the tour will be spending an average of £848, this includes expenses on accommodation, dining, shopping, and transportation, contributing significantly to the local economy.

Transport services, including airlines, trains, and local transit systems, have also seen a significant boost as fans travel from all over the country and beyond to attend the concerts. Retailers, especially those located near the concert venues, have reported increased foot traffic and sales, with fans purchasing everything from Taylor Swift merchandise to clothing, accessories, and souvenirs. The hospitality industry, including restaurants, cafes, and bars, has benefited immensely as well, with many fans choosing to dine out during their stay.

The Taylor Swift Economic Effect

Taylor Swift’s, Eras Tour is more than just a series of concerts; it’s an economic engine driving substantial financial activity across the UK. With each fan contributing significantly to various sectors including music venues, retail, hospitality and more there is an estimated £1 billion boost to the overall economy.

With shows in selected large UK cities the boost may be disproportionately spread across the country, however many people have been extending their trip to explore further. London has emerged as the central hub of her UK tour, with 700,000 fans attending the shows.

There will be an estimated £300 million brought into the city’s economy.

Visit London has created an online guide just for Swifties so they can make the most of their trip to the city, there are other tributes to Taylor Swift around the city too, can you spot them?

Taylor Swift’s Supporting UK Foodbanks

Beyond her economic contributions, Taylor Swift has also made a substantial impact through her philanthropy. In each city where she performs, Swift has donated generously to local foodbanks, a gesture that has provided much-needed support.

In Cardiff, her donation to the local foodbank was their largest ever, providing enough food, by weight equivalent, to feed 1,200 people three meals a day for three days. This donation was a lifeline for many and emphasised Swift’s commitment to giving back to the communities that support her.

Similarly, in Liverpool, the foodbank received a donation that they estimate will sustain their operations for the next 12 months, ensuring that thousands of people will have access to essential food supplies during tough times.

Taylor Swift is not only indirectly boosting the economy through her Eras Tour but the music star is also supporting the local communities she visits as a time where thousands are using the help of foodbanks.

Taking out a business loan can be a strategic move to fuel growth, invest in new opportunities, or manage cash flow. However, the consequences of being unable to repay these loans can be severe.

It’s crucial to understand what happens if you default on a business loan, how lenders may react, and the measures you can take to avoid such a predicament. You can also try software to manage your loan.

What happens if you can’t pay back your business loan

Defaulting on a business loan means that you have failed to meet the repayment terms agreed upon with your lender. When this occurs, the lender has several options to recoup their losses:

• Claiming Ownership of the Company:

In many cases, business loans are secured with collateral, which could include company assets such as equipment, inventory, real estate, or even intellectual property. If you default on your loan, the lender has the legal right to seize these assets. This process is often facilitated through a lien, which gives the lender a claim over the business's assets until the debt is fully satisfied.

• Liquidation of Assets:

Once the lender has claimed the assets, they may proceed to sell them to recover the outstanding loan amount. This can lead to significant disruptions in business operations, as essential assets are stripped away and sold off, often at a fraction of their value.

• Legal Action:

If the sale of assets does not cover the full amount owed, lenders can take legal action against the business. This could result in court judgments, which may include wage garnishments or levies on business bank accounts. In some cases, the personal assets of the business owners may also be at risk, particularly if personal guarantees were signed when the loan was taken out.

• Impact on Credit Rating

Defaulting on a loan can severely damage your business's credit rating, making it difficult to secure future financing. A poor credit score can also affect relationships with suppliers and customers, as it may signal financial instability.

The Strategic Use of Business Loans

While the consequences of failing to repay a business loan are daunting, taking out a loan can be highly beneficial if managed correctly. Business loans can provide the necessary capital to expand operations, purchase new equipment, hire additional staff, or improve cash flow during slow periods. They can also help to build a business's credit profile when repayments are made on time.

Between 2019- 2022 the most popular forms of financial support were bank overdrafts, government grants and business credit cards.

Around 12% of small businesses opted for one of these three options leading up to 2022.

Key Considerations Before Taking Out a Loan

Managing your finances before and during taking out a loan is crucial to staying on top of paying it back to minimise risks and to reap the full benefits on offer.

• Assess Your Needs and Capabilities:

Clearly define the purpose of the loan and ensure that the expected return on investment justifies the borrowing cost. It’s important to conduct a thorough analysis of your business’s financial health to determine your ability to meet repayment obligations.

• Understand the Terms and Conditions:

Read the loan agreement carefully, paying close attention to interest rates, repayment schedules, and any potential penalties for late payments or defaults. Be aware of the collateral requirements and the implications of personal guarantees.

• Explore Alternatives:

Before committing to a loan, explore other financing options such as grants, equity investment, or lines of credit. These alternatives might offer more favourable terms or lower risks.

• Plan for Contingencies:

Develop a robust financial plan that includes contingencies for unexpected downturns. This plan should outline how you will manage loan repayments during periods of reduced revenue or increased expenses.

• Consult Professionals:

Engage with financial advisors or accountants to gain a comprehensive understanding of your borrowing options and obligations. Their expertise can help you make informed decisions that align with your business goals.

While business loans can be powerful tools for growth and sustainability, failing to repay them can lead to serious financial and operational challenges. By carefully assessing your needs, understanding loan terms, exploring alternatives, and planning for the unexpected, you can manage the risks to optimise the benefits of a business loan and avoid what happens when you can't pay back your business loans.