Published on March 25th, 2014 | by admin0
Post Office Shop Experiences Stampede For Second Class Postage Stamps As Price Rise Looms
With less than one week to go until first class stamps and second class stamps increase in price, the Post Office Shop has seen a significant rise in demand, particularly for second class stamps as businesses and consumers seek to minimise the impact of the changes.
As of 31st March, first class stamps will increase by 2p to 62p whilst second-class stamps will increase by 3p to 53p. A large letter first class stamp up to 100g will rise by 3p to 93p, while a large letter second class stamp will go up by 4p to 73p.
In the three weeks since the announcement from Royal Mail on 28th February that the price of stamps would increase, the Post Office Shop has already recorded 6 of the top 10 biggest individual stamp sale transactions over the last 12 months.
Reflecting the lower percentage rise in the price of first class postage stamps compared to second class postage stamps, The Post Office Shop has experienced a stampede for second class stamps in particular.
In the three week period following the price rise announcement compared to the three weeks prior to the announcement, there has been a 203% surge in revenue of second class postage stamps compared with a far more modest 29% rise in sales of first class postage stamps.
While the level of panic buying that followed the last postage stamp increase in 2012 has not been recorded by the Post Office Shop when the price of first class and second class stamps rose by 30 per cent and 39 per cent respectively, further significant purchases are expected before the new prices take effect.
Research also shows that consumers are savvy to stock piling stamps prior to the price hike by Royal Mail, for birthdays, Christmas and other special occasions too.
The Post Office Shop anticipates a further spike in sales ahead of the price change following several individual transactions of thousands of pounds from individual customers even though Royal Mail postage stamp prices are amongst the most competitive in Europe.