As the 2024 holiday season nears, consumer sentiment in the UK continues to be subdued, according to data provided by the British Retail Consortium (BRC) and Opinium.
The data is based on research conducted between 12 and 15 November 2024. It provided insights into consumer expectations for the coming three months regarding their financial and economic outlook.
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The BRC-Opinium data indicates a marginal improvement in the perception of personal financial situations, which registered [a score of] -3 in November – a slight increase from October’s -4.
But attitudes towards the broader economic climate have deteriorated somewhat, with the index falling to -19 in November from -17 in October.
For retail spending intentions there is a small uptick, with the index moving to +3 in November from +2 in October.
However, when considering overall personal expenditure, there is no change from the previous month, with the index holding steady at +17.
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By GlobalDataThe propensity to save remains unchanged as well, with the index staying at -9 in November, mirroring October’s figure.
BRC chief executive Helen Dickinson stated: “There was little shift in consumer confidence since the Chancellor’s [October] Budget, with many worried about the economy in the lead-up to Christmas.
“While there was a very slight improvement in people’s expectations of their personal financial situation, this was offset by declining expectations of the wider economy. Personal retail spending remained positive, edging up slightly, though this was to be expected as consumers prepare for the festive season. Non-food spending expectations remained low while expectations of spending on eating out improved the most of all categories, as people prepare for Christmas catch-ups with friends and relatives.
“With over £7bn in additional costs in 2025 resulting from the Budget, retailers will have little choice but to raise prices or reduce investment in jobs and shops. To mitigate this, government must ensure that changes to the business rates system, planned for 2026, bring about a meaningful reduction in bills for all retailers.”
CBI’s autumn 2024 quarterly Distributive Trades Survey revealed that retail sales volumes experienced a moderate decline of 18% in the year to November 2024.
