The number of British shoppers feeling positive about making
purchases has hit its lowest level since the second quarter of
2015, according to Nielsen’s latest Global Survey of Consumer
Confidence and Spending Intentions.
Less than half (47%) felt now is a good time to buy things they
may want or need over the next year – a figure that 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 Steve Smith,
Nielsen’s UK and Ireland managing director. "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."
On another positive note, half of people surveyed felt good about
their job prospects – the highest percentage in eleven years,
which Smith says reflects the fact that “the unemployment rate
recently hit its lowest level (4.3%) since 1975.”
How the UK compares
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.
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However, UK confidence still remains higher than the European
average (87) but below the global level of 105. India (132) has
the highest score globally, South Korea the lowest (52). France
stands at 71, Germany at 102 and the US at 121.
The scores are derived
from Nielsen’s study, established in 2005, which measures
attitudes each quarter on topics including personal finances and
job prospects among 30,000+ internet consumers in 63 countries.
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To view historical trends for all countries, broken down by
metrics such as financial concerns and job prospects, visit the
interactive Nielsen Global
Consumer Confidence Trend Tracker.
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