Period covered: October 24Published: October 31, 2024Read time: 1min

Consumer Sentiment Monitor

Consumer Sentiment Monitor - October 2024

Dr Kris Hamer | Director of Insight | British Retail Consortium

“With the latest survey conducted just before the government’s budget announcement, we find that consumer optimism about the economy and personal finances remains low, though there has been a slight improvement since September. Encouragingly, the percentage of individuals reporting financial struggles has decreased for the third consecutive month, dropping to 15% in October from a peak of 19% in July.

As we approach Black Friday and Christmas, consumers are naturally planning to spend more, especially among Gen Z, with gifting leading the category spending intentions. However, it’s notable that 40% of consumers over 60 years old intend to spend less over the next 3 months, with retail goods and utilities their focus of thrift.

Black Friday and Cyber Monday will be a busy time for retailers, with a third of consumers reporting their plan to spend on offers and 1 in 5 still to be persuaded to shop - consumers will have the keenest eye on Clothing, electronics and beauty, offers topping their list of priorities."