RSM’s latest consumer sentiment survey

This report is provided by BRC Associate Member and Partner, RSM UK.

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RSM’s latest survey of 1,000 consumers explores the consumer trends that will define 2024.

Despite persistent inflation, a cost-of-living crisis and rising interest rates, consumer spending was more robust in 2023 than many would have predicted. So, what does this mean for buying behaviours in 2024? 

This year’s economic climate will see inflationary pressures ease, but on the flip side, high interest rates will increasingly drag on household finances, impacting spending intentions for the rest of the year. As a result, we’ll continue to see evidence of a more price sensitive consumer, with our report indicating 96% of consumers feel concerned about the cost of living, only a 2% decline from last year. 

So, what can businesses do to entice customers to spend? And will the behaviours we saw last year, like trading down to own-brand products, splashing out on holidays, and cutting back on eating out and takeaways continue in 2024? 

Find out in this year’s consumer outlook report.
 

Get in touch

If you would like to discuss tailored solutions for your business or any of the topics set out in this article, please contact our Head of Retail, Jacqui Baker on jacqui.baker@rsmuk.com.