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Consumer confidence stable but shift to leisure spend continues

Consumer confidence has remained stable for the second quarter of 2016, compared with the previous quarter, but job security is growing concern, particularly among younger consumers.

Consumers expect to spend more on leisure activities, and less on clothing and footwear, the Deloitte Consumer Tracker found.

Confidence levels were flat at -8 for the three-month period, said professional services firm Deloitte, which surveyed 3,000 consumers between June 24 and 27 in the aftermath of the European Union referendum.

The Consumer Tracker found that confidence in job security fell by three points in the second quarter from the previous quarter, and by six points compared with the same period last year.

“We surveyed UK consumers in the three days after the referendum, against a backdrop of the resignation of the prime minister and a sell-off in UK equities and the pound,” said Ian Stewart, chief economist at Deloitte. “Despite the turmoil, confidence among our sample of 3,000 adults was, remarkably, unchanged from March.”

Ben Perkins, head of consumer research at Deloitte, added: “Consumer spending has shored up well in the last three months, with spending having risen in almost every category year on year.

“It appears this healthy level of spending looks set to continue over the next three months. UK consumers plan to spend more on leisure activities, such as holidays and going out, as well as groceries and big ticket items such as furniture and appliances. They expect to spend less on clothing and footwear.”

 

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