Survey results indicate that 70% of UK adults are confident enough to plan summer holidays, with 58% feeling financially secure. The number of individuals expressing confidence in the UK economy's improvement has increased to 17%, up from 10%. However, 51% still perceive the economy as worsening. While 50% feel capable of discretionary spending, a portion must cut back on expenses to cover essentials. Rising costs of groceries, utilities, and public services are among the main concerns influencing perceptions of economic stability.
The number of people feeling financially secure has risen this quarter by three percentage points to 58%, with 70% confident enough to plan a summer holiday.
Despite the quarterly improvement in economic confidence, half of people (51%) feel that the economy is still worsening, particularly due to rising costs of groceries and utilities.
Linda Ellett, head of consumer, retail and leisure at KPMG UK, indicates that consumer confidence has rallied but half of consumers remain unconvinced about the economy.
Businesses will be hoping that this improvement brings about increased spending confidence during the summer months as overall economic sentiment is mixed.
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