16th Nov 2023 - 04:00
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Abstract
More than half (57%) of foodservice and accommodation companies have been forced to swallow costs in the last year according to new data.
The study by money.co.uk business bank accounts has delved into survey results from the Business Insights and Conditions Survey (BICS).
It surveys around 39,000 business owners about the impact of various economic challenges on their business to unveil the UK business industries absorbing the most costs amidst the cost of living crisis.
A spokesperson said: “This is, of course, a competitive industry, where passing on price increases to customers could result in a loss of business to competitors. Companies might absorb costs to maintain customer loyalty and satisfaction.”