Online fashion retailer Boohoo expects full year revenue to be below market expectations

Boohoo has announced it anticipates revenue will fall by 12% over the financial year ending February 28th, after it reported a fall in revenue in a trading update.

Personal finance expert and co-founder of comparison site, Choosewisely.co.uk, Tara Flynn said: “Boohoo was hugely popular during the pandemic, but this is a sign of the times - consumers are experiencing price rises everywhere they turn, but wages aren’t keeping up. Shoppers are being forced to reconsider purchasing non-essential items of clothing.

“Last month, charity shops and second-hand clothing websites saw a rise in demand for pre-worn party clothes - a trend I predict will continue throughout the year. Buying second-hand clothes is becoming the norm as consumers seek a more sustainable lifestyle.”