The personal financial situation declined to -7 in September, down from -6 in previous month. Personal spending on retail saw a slight uptick to +5 in September, up from +4 in August.
Overall personal spending fell slightly to +14 in September, down from +16 in August, and personal saving fell to 0 in September, down from +2 in August, BRC said in a release.
“Confidence among Millennials (28-43) fell dramatically this month, as their expectations for both the economy and their own finances fell by double digits. The same generation also cut spending expectations for the months ahead, though this was largely offset by improvements for Gen Z, who remain the most optimistic. Worries about the Budget, combined with the increase in the cost of living, have eroded confidence, with little sign that inflation will come down soon,” said Helen Dickinson, chief executive of the British Retail Consortium.
“All eyes are now firmly locked on the 26 November, and what the Chancellor will announce. The Government can help mitigate inflation, improve the cost of living, and raise consumer confidence, by ensuring the upcoming business rates reforms offer a meaningful reduction to retail business rates, while ensuring no shop pays more as a result,” Dickinson concluded.
ALCHEMPro News Desk (HU)
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