Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Consumer confidence slumps over price rise fears

Consumer confidence has fallen to its lowest point in a year following the uncertainty surrounding Brexit, according to Verdict Retail.

Verdict Retail’s poll of 2,000 UK consumers found that 59% of consumers are expecting the economy to worsen over the next six months, up 24 percentage points on last month.

Of those surveyed, 48% said they expected prices to rise over the next six months as a result of the UK’s decision to leave the EU.

More than a third (39%) of consumers expected to spend less on clothing and more on food and groceries.

Consumers in the 18-24 age bracket were most likely to agree that they would be spending less because of Brexit, while those aged 45+ tended to disagree.

Zoe Mills, analyst at Verdict Retail, said: “The sharp drop in confidence signifies the uncertainty felt by consumers in light of the EU referendum result. Household budgets will fall under greater strain, and while Verdict Retail’s future sentiment index indicates that consumers intend to absorb the price rises at the expense of savings, this is likely to prove unsustainable in the long run.”

 

Tags

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.