AO World boss warns post-Brexit vote price increases are inevitable given sterling’s weakness with consumers feeling the full impact in January.
This year’s Black Friday will be the biggest yet as shoppers snap up large items such as fridges before Brexit-induced price rises take effect in January, the boss of AO World predicted.
John Roberts, the online retailer’s chief executive, said price rises were inevitable after the pound’s plunge against other major currencies since the EU referendum. Suppliers are starting to charge more and shoppers will feel the full impact by the end of January, he said.
AO’s founder said the expectation of imminent price rises will add to consumer willingness to buy new products in the shopping frenzy around the last Friday of November. The period of heavy discounts has taken off since the tradition was imported from the US in 2010.
Roberts said: “It has been well reported that with Brexit currency movements prices are going up early next year so there is a double whammy for customers so our belief is it will be bigger than ever.”