H&M Slaps £1.99 Fee on Online Returns
High street giant H&M has joined the club of retailers charging customers to send back unwanted online orders. Shoppers will now fork out £1.99 every time they return a parcel, whether in-store or online. The fee is taken from the refund amount. However, loyal H&M members can still return for free.
This move comes as other big names like Zara, Boohoo, Uniqlo, and Next roll out similar return charges. An H&M spokesperson confirmed the change was quietly launched over summer.
Why the Surcharge?
Online shopping boomed during the pandemic, but the rise in returns has cost retailers a small fortune. Many items are sent back because they don’t fit or meet expectations. While stores usually swallow these costs to keep shoppers happy, processing returns is costly and eats into profits.
Industry experts expect more retailers to follow H&M’s lead, slapping fees on returns to curb soaring costs and protect their bottom line.
Oil Prices Spike—Fuel Costs Hit New Highs
Fuel drivers brace yourself! Global oil prices have rocketed to their highest point in 10 months. Brent crude topped $95 a barrel due to production cuts by Saudi Arabia and Russia. The International Energy Agency warns a “significant supply shortfall” looms by year’s end.
UK petrol prices have jumped 10p per litre since August, now averaging £1.23. Diesel is up 13p, reaching £1.59 per litre. With these hikes, filling up is getting a lot more painful at the pumps.
UK Homebuyers Stuck Saving for Mortgage Deposits
Tough times for Brits dreaming of owning a home. A new study from letting experts Barrows and Forrester reveals the average buyer needs nearly 26 months of earnings to cover a 20% mortgage deposit.
In London, it gets worse — it takes over 37 months’ salary to afford a deposit, assuming no spending on basics like rent or food. Similar worries plague the South East, South West, and East of England.
James Forrester, Managing Director of Barrows and Forrester, said: “We are facing an affordability crisis. Even those with decent salaries struggle to save for deposits and cover mortgage repayments, especially in pricey areas like London and the South East.”
