H&M Slaps Shoppers with Return Fees
High street giant H&M has started charging online shoppers a £1.99 fee to return items—whether dropping them off in-store or posting parcels back. The fee will be deducted from the customer’s refund. However, H&M members get to keep returns free.
This latest move joins retailers like Zara, Boohoo, Uniqlo, and Next, who’ve already begun cashing in on the growing headache of online returns. An H&M spokesperson confirmed the policy quietly launched over the summer.
Why the Return Fees?
The pandemic boom in online shopping sent returns soaring as customers struggled with sizes and expectations. While retailers once swallowed these costs to snag loyalty, returns now chew up cash and warehouse space. Experts reckon more retailers will follow H&M’s lead to stop returns bleeding profits.
Global Oil Prices Hit 10-Month High
Oil prices have rocketed, with Brent crude topping $95 a barrel. Cuts in supply by Saudi Arabia and Russia are fuelling fears of a supply crunch before year-end. The International Energy Agency warns of a “significant supply shortfall.”
UK drivers are already feeling the pinch. Since early August, petrol prices jumped by 10p per litre to around £1.23, while diesel surged 13p to £1.59 per litre.
UK Homebuyers Struggle to Save Deposit
Finding a mortgage deposit is getting tougher. Research from Barrows and Forrester reveals the average UK buyer needs almost 26 months’ earnings saved for a 20% deposit. In London, it’s a brutal 37.2 months, assuming no money spent on essentials like rent or food.
James Forrester, managing director at Barrows and Forrester, calls it an “affordability crisis.” Even well-paid buyers are squeezed trying to juggle deposits and mortgage payments, especially in pricey London and the South East.
