According to BRC-Opinium data, consumer expectations over the next three months of:
- The state of the economy worsened to -34 in September, down from -28 in August.
- Their personal financial situation worsened to -15 in September, down from -9 in August.
- Their personal spending on retail fell to +5 in September, down from +8 in August.
- Their personal spending overall remained at +15 in September, the same as in August.
- Their personal saving fell slightly to -7 in September, from -5 in August.
Helen Dickinson, Chief Executive of the British Retail Consortium, said:
“Consumer confidence in the economy stumbled after four months of improvement, with a similar trend for sentiment around personal finances. This decline was much sharper among women and with households bracing for a sharp rise in energy costs this winter, and bills rising faster than shop prices, it is little surprise that expectations of retail spending fell, even as overall spending plateaued.
“With the Budget looming large, consumers want to see Government prioritise bringing down the cost of living. Retail will play its part, but the Chancellor must not compound the triple blow from escalating employment costs, energy bills, and business rates, allowing retailers to focus on holding prices down. He should start by freezing the business rates multiplier, preventing yet another burdensome tax increase.”
