Britons are buying cheaper gifts for loved ones amid a cost-of-living crunch, Moonpig said on Wednesday, as the British greeting cards and gift retailer cut its annual revenue forecast, sending its shares as much as 19% lower.
Dec 7 - Britons are buying cheaper gifts for loved ones amid a cost-of-living crunch, Moonpig
Soaring inflation, driven by the rising costs of everything from food to fuel, has forced consumers to tighten their belts and staff from several industries to strike during the busy holiday period as they demand pay hikes. More strike actions are planned at Royal Mail in the run-up to Christmas, and Moonpig has warned of lower than expected annual revenue due to disruptions andChief Executive Nickyl Raithatha told Reuters that Moonpig in the past few months has focused on offering gift ranges at a lower price point of around 10 to 15 pounds.
Shares in the company, which made its market debut in early 2021, have fallen nearly 65% from its IPO price of 350 pence a share and were trading at 125p at 1003 GMT.
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