Consumer confidence has noticeably weakened due to budget-induced tax rises, with households reporting a deteriorated economic outlook and concerns over personal finances.
Goldman Sachs warned the budget's increase in employer national insurance contributions would force wage growth to decelerate, impacting private sector pay.
Data reveals that the consumer sentiment index has decreased from 47.3 in October to 46.9 in November, pointing to ongoing economic contraction.
Analysts forecast a moderation in consumer spending growth in the latter half of next year as real disposable income and wage growth slow down.
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