Shopper purchasing confidence has dropped to its lowest level since the second quarter of 2015, according to new Nielsen data.
Nielsen’s latest Global Survey of Consumer Confidence and Spending Intentions found that 47% of UK respondents felt now is a good time to buy things they may want or need over the next year.
The figure has been steadily dropping since just after the Brexit vote, when it stood at 53%.
“Although consumer confidence, overall, stayed at the same level as the previous quarter, retailers will be concerned about shoppers falling confidence around spending,” said Nielsen’s UK and Ireland managing director Steve Smith.
“This manifested itself in the previous quarter which saw household cost-cutting activities at a two-year high - led by buying cheaper grocery brands and cutting down on energy bills - but this latest development means retailers of big-ticket items could be facing lower consumer spending than anticipated before and after Christmas.”
Consumer Confidence in the UK stayed at 99 in the third quarter of 2017 – although the level has generally been falling from a high of 106 just after the Brexit vote. A score over 100 indicates degrees of optimism; below 100, degrees of pessimism.
However, half of people surveyed felt good about their job prospects – the highest percentage in 11 years.