Brits more pessimistic about economy as confidence drops again: BRC

UK consumer confidence continues to decline, marking the fifth consecutive month of worsening expectations regarding the economy and personal finances, as revealed by the latest British Retail Consortium (BRC)-Opinium Consumer Sentiment Tracker.

According to the February data, consumer expectations for the state of the economy over the next three months fell to -37, down from -34 in January. Personal financial expectations also took a hit, dropping to -11 in February from -4 in January. However, there was a slight improvement in expectations regarding personal spending on retail, which rose to -5 in February, up from -9 in January.

Overall personal spending remained steady at +4 in February, the same as in January. Meanwhile, personal saving expectations also remained unchanged at -3 in February.

“People’s expectations of the economy reached a new low, having fallen almost 40pts since July 2024. Even Gen Z (18-27), the most upbeat generation on the economy and their own finances, saw a drop off in optimism. And while there was a positive increase in expectations of personal retail spending, this may be largely driven by the expectations of higher prices in the future,” said Helen Dickinson, chief executive of the British Retail Consortium.

ALCHEMPro News Desk (HU)