"Confidence among Millennials (28-43) fell dramatically this month, as their expectations for both the economy and their own finances fell by double digits. The same generation also cut spending expectations for the months ahead, though this was largely offset by improvements for Gen Z, who remain the most optimistic. Worries about the Budget, combined with the increase in the cost of living, have eroded confidence, with little sign that inflation will come down soon."
"Inflation is now one of the biggest concerns among the public, with food inflation expected to rise to 6% by the end of the year. All eyes are now firmly locked on the 26 November, and what the Chancellor will announce. The Government can help mitigate inflation, improve the cost of living, and raise consumer confidence, by ensuring the upcoming business rates reforms offer a meaningful reduction to retail business rates, while ensuring no shop pays more as a result."
"It was a scorching summer for retailers, as hot and dry weather saw every sector except automotive fuel reporting growth in August. In fact sales have proven more resilient than markets expected, which is a welcome bit of good news at a time when sentiment around the UK economy is pretty gloomy. Sales are being helped by the fact wages continue to grow faster than inflation - though with food prices"
Consumer expectations for the economy worsened to -36 in September from -32 in August. Personal financial situation slipped to -7 in September from -6 in August. Retail spending rose to +5 in September from +4, while overall personal spending fell to +14 from +16. Personal saving fell to 0 in August from +2 in September. Millennials (28–43) showed sharp falls in expectations and spending plans, while Gen Z remained most optimistic. Inflation is a major concern, with food inflation forecast to hit 6% by year-end. Retail sales proved resilient over a hot summer, supported by wages growing faster than inflation.
Read at London Business News | Londonlovesbusiness.com
Unable to calculate read time
Collection
[
|
...
]