Overall, expectations for the economy improved to -28 in June, up from -36 in May, while confidence in personal finances rose to -5 from -12. Retail spending expectations turned positive at +2 (from 0), with overall spending at +12 and personal savings slightly better at -4 (from -5), as per the BRC- Opinium data.
“Consumer confidence improved for the second month in a row, reaching its highest level since Christmas, albeit still firmly in negative territory. Gen Z saw the biggest improvement, in both economic outlook and their expectations of their future finances, with younger generations remaining the most optimistic about the future,” said Helen Dickinson, chief executive of the BRC.
“This rising optimism may also reflect the increase in minimum wage from April, with many younger people expected to have seen a significant uplift in their pay packet. Expectations of future spending—both in retail and more generally—rose slightly, with more spending on groceries planned over the coming months,” added Dickinson.
On the policy front, the BRC welcomed government commitments on skills, policing, and transport, but cautioned against imposing greater tax burdens on retailers. With the sector contributing 5 per cent of GDP but bearing 21 per cent of business rates, the BRC urged reforms that do not penalise shops further, calling for a fairer system to unlock growth and revitalise high streets.
ALCHEMPro News Desk (SG)
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