Almost half of UK consumers are negative about their country’s economic perspective. Overall pessimism about economic recovery has decreased in September 2022 but remains at a higher level than during COVID-19 lockdown periods; the percent expressing pessimism is more than double the percent in October 2021.
Consumers are changing retail stores in a general move to increase purchases from discounters. Major drivers of the move to a new retailer are value for money and prices/promotions, particularly for Gen Z and baby boomers.
Across categories, majorities of consumers are switching to private-label alternatives. Even for holiday shopping, most consumers are planning to spend less this year.
These exhibits are based on survey data collected in UK between September 23 and October 2, 2022. Check back for regular updates on UK consumer sentiments, behaviors, income, spending, and expectations.