According to the latest British Retail Consortium (BRC) Opinium data, consumer expectations for the next three months has hinted that the Government must prioritise the cost of living.
The data showed that consumers’ personal financial situation had worsened to a rating of -15 in September, down from -9 in August.
Their personal spending on retail also fell, down to +5 in September from +8 in August. Peronal saving also fell, down from -5 in August to -7 in September.
Personal spending overall remained flat however, with no change between the two months.
Consumer confidence
Reacting to the research, Helen Dickinson, chief executive of the BRC, said: “Consumer confidence in the economy stumbled after four months of improvement, with a similar trend for sentiment around personal finances.
“This decline was much sharper among women and with households bracing for a sharp rise in energy costs this winter, and bills rising faster than shop prices. It’s little surprise that expectations of retail spending fell, even as overall spending plateaued.
“With the Budget looming large, consumers want to see Government prioritise bringing down the cost of living.
“Retail will play its part, but the Chancellor must not compound the triple blow from escalating employment costs, energy bills and business rates, allowing retailers to focus on holding prices down. He should start by freezing the business rates multiplier, preventing yet another burdensome tax increase.”
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