Consumer confidence is down slightly since the triggering of Article 50, according to the latest Survey of Consumer Confidence and Spending Intentions from Nielsen.
The survey revealed that British consumer confidence has remained stable overall, but the level of confidence among ‘Leavers’ dropped three points from January.
“We are seeing a wobble among Leave voters,” said Steve Smith, managing director, Nielsen UK and Ireland. “Although immigration concerns have dropped, Leavers are starting to worry more about everyday matters, particularly rising utility bills and food prices.”
Price Rises
According to the survey, 77% of British consumers are expecting price rises on imported groceries, 73% on fuel, and 68% on domestic groceries.
The number of consumers who think that now is a good time to buy dropped to 49%, and the proportion of those engaging in cost-cutting activities increased to 51%.
“Inflation is creeping in and as it could be as high as 3% by July, consumers believe this will translate to price rises across the board,” said Smith. “However, overall consumer confidence remains stable and we know that brands and retailers are working closely together on solutions to minimise any price impact on shoppers.”
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.
