29 July 2024

The British Retail Consortium (BRC) has released its latest consumer sentiment monitor for July, which surveys 2,000 UK consumers monthly about their shopping behaviours, financial status, and attitudes. Here are the key findings:

Economic Optimism:

Positivity towards the future of the UK economy saw a significant rise in July.

  • Optimistic responses increased by 9%.
  • Pessimistic responses decreased by 6%.

 

Financial Situations:

Financial situations remained stable:

  • 40% of respondents are comfortable.
  • 40% are coping.
  • 19% are struggling.

 

Debt Levels:

Overall debt levels dipped slightly to 48%.

  • Millennials are still the most likely group to have debt.

 

Spending Plans:

Spending plans for the next three months remained mostly unchanged:

  • Plans to spend more dropped slightly to 25%.
  • Gen Z saw a strong increase in spending plans, overtaking Millennials, with nearly half planning to spend more.

 

Saving Expectations:

Expectations to save improved this month:

  • There was a decrease in the number of those expecting to save less.

 

Cost-Cutting Measures:

Top ways consumers are reducing outgoings include:

  • Buying cheaper products.
  • Reducing leisure spending.
  • Purchasing fewer items overall.

 

Non-Essential Spending Priorities:

Top non-essential spending priorities remain:

  • Dining out (36%).
  • Travelling for leisure (35%).
  • Home improvements (25%).
  • Small increases were noted in:
  • Going out to bars (23%, +2%).
  • Electronics and gadgets (18%, +3%).

 

Financial Pressure for Parents:

Since the school holidays began, two fifths of parents expect more financial pressure due to higher spending on days out and groceries.

 

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