UK consumer confidence hits highest level in 18 months – PwC

by | Jul 25, 2023

(Sharecast News) – UK consumer confidence has hit its highest level in 18 months, a survey released by PwC on Tuesday showed.
According to research carried out at the beginning of July, confidence now sits at -13 versus -25 in Spring after the budget. It’s also a 31-point improvement on last September and a 32-point improvement since the beginning of January 2023.

PwC said there has been an improvement in sentiment across all demographics since the Spring, with the variance between age groups and socio-economic groups narrowing.

The survey found that under-25s remain the most positive age group, with 55 to 64s the least positive.

Lisa Hooker, leader of industry for consumer markets, said: “It is encouraging to see the growth in sentiment across all ages and demographics. Whilst inflation remains the biggest factor affecting finances, we’re also seeing fewer people cutting back and spending intentions have consistently improved over the past 12 months.

“Retailers need to capitalise on the desire to trade down in the same store rather than trade out and spend on selective treats. But also on those consumers with money left at the end of the month. It is particularly good news for youth focussed retailers as under 25s remain happy to spend but also those targeting the older demographics. Conversely, those of working age with families are most likely to be deprioritising discretionary spending – can consumer markets businesses help them trade down and economise?”

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