British consumer confidence is falling. 'Retailers could face a turbulent few months as consumer confidence fell significantly in September,' says Helen Dickinson, Chief Executive of the British Retail Consortium.
'Negative publicity surrounding the state of the UK's finances appears to have damaged confidence in the economic outlook, particularly among older generations. Despite this, expectations for future retail spending, while negative, did not yet appear to have been adversely affected, with many consumers expecting to reduce the amount they save instead.'
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According to BRC-Opinium data, consumer expectations over the next three months of their: Personal financial situation worsened to -6 in September, down from +1 in August
State of the economy worsened significantly to -21 in September, down from -8 in August.
Personal spending on retail, improved slightly to -8 in September, up from -9 in August.
Personal spending overall fell to +10 in September, down from +11 in August.
Personal saving fell to -9 in September, down from -4 in August.
Dickinson continues: 'The Budget is a key opportunity to inject some confidence back into the economy, boosting spending and helping to foster much needed investment by businesses. The broken business rates system is currently holding back investment in jobs and communities across the retail industry. By introducing a Retail Rates Corrector - a 20% adjustment to retail property rates bills – the Chancellor could help drive investment in local high streets and communities, creating jobs and boosting consumer confidence.'
More information:
British Retail Consortium
www.brc.org.uk