Cash-strapped shoppers ‘treating themselves to coffee machines and pricey hair straighteners’

CASH-strapped shoppers are scrimping on trips to the hairdresser and takeaway lattes — but treating themselves to coffee machines and expensive hair straighteners, according to Currys.

Alex Baldock, the well-groomed boss of the electricals retailer, said that customers were trying to make cut-backs but still wanted little luxuries.

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“Two thirds of customers say that they’re not going out for expensive hairdresser appointments and they’re getting salon-level care at home, which is good for health and beauty hair care tech,” he said.

“Lots of customers are saying that the £3.74 flat white is not something they’re up for this year and they want their coffee at home, which is good for bean-to-cup coffee machines.”

Popular chains such as Costa, Caffe Nero and Pret have raised prices in the past year by about 15 per cent to an average of £3.80 for a latte.

This means customers spend just shy of £20 a week for their caffeine shot on the way to work.

Currys’ cheapest bean-to-cup coffee machines will churn out a cup a day for about £1.

Mr Baldock said that air fryers — hailed as a much cheaper and healthier way to cook — were also still selling strongly.

His comments came as Currys posted a four per cent fall in group sales to £4.1billion over the past six months, although it narrowed losses from £560million to £39million.

The Currys boss said consumer confidence was “pretty bumpy” with families still to feel the hit from higher interest rates when remortgaging.

Mr Baldock also railed against the government for raising the minimum wage for low paid workers by ten per cent to £11.44 an hour while ignoring the burden of business rates.

Industry experts warn it will mean jobs or staff hours being cut in a sector which employs 3million people.

He said: “Loading more costs on to an already overburdened sector is irresponsible and we call for a change of heart on it.”

Top range crooks

THE price of Range Rovers has slumped because they have become a magnet for thieves.

The average price of used models fell 9.3 per cent in the past six months — a bigger drop than any other luxury SUV, according to Autotrader.

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Meanwhile, the value of new Range Rovers — such as the Evoque Special Edition designed by Victoria Beckham — plummeted by 8.3 per cent in November alone.

Range Rovers were among the most stolen cars in the UK last year, according to Confused.com.

Jaguar Land Rover said it had tightened security features on models made since January.

The average insurance quote for a new Range Rover is now £5,186 after rising by 57 per cent in a year, according to Bloomberg.

Asda set for MP’s grilling

THE boss of Asda is to be hauled before MPs again as they scrutinise the role of private equity ownership of our biggest shops.

Mohsin Issa was grilled by MPs in July about how much debt was loaded onto Asda when he and his brother bought the chain with private equity partner TDR Capital.

There are concerns private equity loads up retailers with debt, with hefty repayment costs making it harder for companies to continue thriving and pushing up prices.

MPs raised concerns about the complex nature of the takeover and the buyer’s offshore company vehicles.

Mr Issa was warned that he risked being in contempt of Parliament after multiple inaccuracies about the company’s structures and where they were based.

3 Mobile deal fear

THE merger between Three and Vodafone should be scrutinised on national security grounds, the head of the Commons business and trade committee has argued.

Three’s Hong Kong-based owner CK Hutchinson would own 49 per cent of the enlarged mobile business.

The committee’s Labour chairman Liam Byrne yesterday highlighted how Chinese authorities can demand user data from Hong Kong-based companies.

£2.3m CEO at ‘broke’ Thames

TROUBLED Thames Water has named Chris Weston as its new chief executive on a potential £2.3million pay package just a day after saying it did not have enough money to repay its debts.

Mr Weston, a former British Gas exec and ex-boss of generator maker Aggreko, will take up the top post on 8 January.

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He replaces Sarah Bentley, who quit abruptly in June just days before it emerged the government was doing groundwork on its nationalisation.

Mr Weston will bag a salary of £850,000 as well as 12 per cent pension pot, a £15,000 car allowance and be eligible for a bonus of 156 per cent of his pay if he meets secret performance targets.

On Wednesday, Thames Water said that its parent company did not have enough money to pay back a £190million loan due in April and it was in talks with its banks to extend the maturity date.

Hydrogen home bids scrapped

HOMES may never be heated by hydrogen after Energy Secretary Claire Coutinho scrapped a controversial trial over a lack of support.

Homes in Redcar, North Yorks, would have had their gas central heating removed and replaced with either a hydrogen boiler or electric alternative.

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Supporters argue that hydrogen gives off no carbon dioxide, which would make it more environmentally friendly.

They claim that the current gas network and grid connections could be converted.

But scientists argue it takes huge amounts of electricity to produce clean hydrogen.

And some of the biggest infrastructure investors have also warned about the potential for explosions.

Lord Martin Callanan recently said that hydrogen could only play a “small role in some localised areas” rather than on a large scale.

This post first appeared on thesun.co.uk