Consumer confidence in the UK is continuing to weaken amid concerns around surging food prices and the UK’s economic struggles, shows latest data released today (Sept 18).
According to BRC-Opinium data, consumer expectations over the next three months of the state of the economy worsened to -36 in September, down from -32 in August. People’s outlook on their personal financial situation also worsened to -7, down from -6.
Their expectations on personal spending on retail rose slightly to +5, up from +4, although on personal spending overall, it fell from +16 to +14.
Helen Dickinson, Chief Executive of the British Retail Consortium, said, “Confidence among Millennials (28-43) fell dramatically this month, as their expectations for both the economy and their own finances fell by double digits.
"The same generation also cut spending expectations for the months ahead, though this was largely offset by improvements for Gen Z, who remain the most optimistic.
"Worries about the Budget, combined with the increase in the cost of living, have eroded confidence, with little sign that inflation will come down soon.
“Inflation is now one of the biggest concerns among the public, with food inflation expected to rise to 6 per cent by the end of the year. All eyes are now firmly locked on the 26 November, and what the Chancellor will announce.
"The Government can help mitigate inflation, improve the cost of living, and raise consumer confidence, by ensuring the upcoming business rates reforms offer a meaningful reduction to retail business rates, while ensuring no shop pays more as a result.”