Period covered: November 24Published: November 28, 2024Read time: 1min

Consumer Sentiment Monitor

Consumer Sentiment Monitor - November 2024

Dr Kris Hamer | Director of Insight | British Retail Consortium

“After a prolonged period leading up to the Chancellor’s Budget helping to depress consumer confidence, the Budget itself did little to move the dial. We asked consumers their view on the effect of the Budget on their personal finances and the UK economy – reporting net negative results for both, -15% net and -13% net, respectively. Overall, the outlook on the economy over the next three months dipped from last month (-2pp) as well as perceptions towards current finances (-6pp).

However, if consumer plans for the Black Friday promotions convert to sales, this should give a welcome boost to Golden Quarter sales. More than a quarter of consumers plan to do the bulk of their gift shopping this Black Friday weekend, and another 37% plan to complete this by 14 December. However, consumers report they plan to spend less overall in the next three months on all non-food categories, with only food reporting increased spending, favouring instead leisure and hospitality spending.

Despite this, retailers can take comfort from consumers’ admitting to spending more than they intend - for example, half of consumers who plan to purchase over the Black Friday weekend said they usually end up buying more than they intended to. And the retail market is also evolving – a fifth of Gen X and Millennials are planning to buy more pre-loved items during this holiday season than they did last year – offering a growth opportunity for retailers that address this market.