Why some Stamford businesses could BENEFIT during the living cost crisis

We're hearing that some shops in Stamford might be benefitting at a time when the cost of living is so high.

Vic Annalls, CEO of the Cambridgeshire Chambers of Commerce, which covers Stamford, says it's all to do with people taking advantage of 'staycations', and that saving on bigger budget holidays to visit places like Stamford will leave a little extra cash-in-hand.

'Some areas of the country are simply seeing a very, very challenging time, but other areas of the country are going to benefit from the fact that people are being more selective with their money', he said.

'For example if you're thinking about what you're going to do for your break this year. We know a lot of people are doing staycations and going to beautiful places like Stamford.'

'But then there was a certain rush to go oversees. But because of the difficulties airlines are facing as well, in being able to recruit people, and because of the shortage of people for jobs, flights are being cancelled and that in itself is going to push people back into the staycation market.'

Not getting carried away

The wider business economy landscape is much more bleak, after the British Chamber of Commerce downgraded its expectations for growth in 2022 to 3.5%, from a previous 3.6%.

Vic Annells said, although some sectors in travel destinations like Stamford will do okay, other businesses will suffer just as much:

'People are going to do things like low-cost treating themselves, not everyone's got money to do that, but if they have, things like nail salons, hairdressers - that sector is going to actually not do as badly as some of the other sectors are.'

'Whilst I do believe that there are some positives for Stamford let's not get silly here, any business at all that receives deliveries, that use this transportation, their costs have gone through the roof. If you think it's expensive to fill up a car, try and fill up a lorry.'

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• stamford
• Staycation
• budget
• cost of living