As winter approaches, DIY retailers are experiencing a surge in sales due to impending cuts to pensioners’ winter fuel payments.
- A significant increase in loft insulation sales has been reported by major DIY retailers.
- Retailers are noting a rise in demand for quick-install, heat-saving products such as energy-efficient lighting and insulation.
- Energy costs are expected to rise significantly, causing households to face higher annual bills.
- The government’s reduction of winter fuel payments could impact millions of pensioners, leading to concerns about heating costs.
DIY retailers have been witnessing an upsurge in sales as they prepare for the cold months ahead. The anticipation of the government’s decision to reduce winter fuel payments for millions of pensioners has catalyzed increased consumer activity. Reports indicate that major chains like B&Q have observed a nearly 20% increase in loft insulation sales within the last month compared to the same period the previous year. Similarly, DIY leader Wickes is experiencing heightened demand for easily installed heat-saving solutions, including energy-efficient lighting and insulation.
The motivation behind this purchasing behavior is likely linked to the expected rise in energy costs. Starting October 1, the typical household could see annual energy bills reaching approximately £1,717, marking a £149 increase yearly following an adjustment in the price cap. Such financial implications drive consumers to seek cost-effective measures in managing future energy expenses.
Contributing to this financial strain is the government’s plan to cut winter fuel payments. Scheduled for November, this change will significantly impact up to ten million pensioners, who previously received payments up to £300. This policy shift has sparked concerns, particularly among charities representing the elderly. Age UK warns of the precarious situation facing retirees, with predictions that around two million could struggle to maintain adequate heating over the winter months. Caroline Abrahams, charity director at Age UK, highlighted the anxiety among the older demographic, stating, “We’re hearing very worrying comments about how older people are frightened for the months ahead and plan to ration their heating this winter because they’ve lost their winter fuel payment.”
In response, the government emphasizes its commitment to supporting pensioners financially. While over one million pensioners will continue receiving the winter fuel payment, the government also boosts efforts to increase pension credit uptake, which has already seen a 152% rise in claims. Additional support measures include a £150 warm home discount and the extension of the household support fund, aimed at assisting with the costs of food, heating, and bills.
The confluence of rising energy costs and reduced government support underscores the challenges facing pensioners this winter.
