20 February 2025
Bira has responded to the latest BRC Consumer Sentiment Monitor, warning that the record low consumer confidence will create significant challenges for independent retailers in the coming months.
The February 2025 report shows a concerning decline in consumer outlook, with pessimism in the economy continuing to increase and rising to a record high. UK confidence has dropped nearly 40 points since July 2024.
Also reported:
- Consumer outlook towards the UK economy over the next three months has reached its lowest level (-4pp), continuing its decline since October.
- Expectations for personal finances over the next three months are at the worst ever recorded, with 29% of UK adults expecting their finances to get worse.
- The proportion of consumers expecting to spend more over the next three months has decreased to its lowest since April 2024.
- 56% of consumers plan to buy cheaper products to reduce outgoings, while 54% expect to cut leisure spending.
- UK adults continue to expect to spend less across all categories apart from food and groceries, with expected food spending likely driven by anticipated price increases rather than higher consumption.
- A quarter of UK adults have witnessed loitering or shoplifting around retail establishments in the last year.
Bira warns that these figures represent a concerning trend for high street retailers.
