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

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The Consumer Sentiment mid-year update collates the findings from a survey of 1000 consumers, to gauge sentiment towards discretionary spending. 

Building upon prior research conducted in November 2022 and published in January earlier this year, the objective was to track how attitudes to spending have changed against the backdrop of the ongoing cost-of-living crisis.

RSM UK’s latest survey of 1000 consumers shows people are feeling more optimistic about their finances as we move into the second half of the year. This reflects the steady recovery of consumer confidence as shown by GfK’s latest consumer confidence index which went from -45 at the start of the year in January, to -24, six months later in June.

There’s no escaping consumers are still being hit hard by the cost-of-living crisis and cutbacks in categories such as groceries remain entrenched. However, the good news is, that when compared to our H2, 2022 survey, the overall picture for cutting back is more positive.

Key findings include:

  • Eating and drinking out, and clothing and fashion accessories saw the best improvement in terms of sentiment in 2023 when compared with our 2022 survey. Good news for businesses in these categories considering they sit in the top five areas where consumers plan to cut back.
  • Grocery remains a priority for cutting back with the improvement of sentiment towards cutbacks on these goods muted. Considering inflation has been particularly high for these goods (peaking at 19.2% in the year to March), this is no surprise and means that grocery spend is one of the only areas where consumers anticipate spending more money in coming months.
  • Holidays are one of the last areas of spend consumers plan to cutback with our survey revealing nearly 70% of consumers plan to take a vacation in the next three months. This rises to 77% when looking at families in isolation. And for families who consider themselves to be financially comfortable, 93% plan to go on vacation in the next three months.

Read the full analysis of these findings and more here: Consumer Sentiment mid-year update.

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.