PwC’s Consumer Sentiment Survey for spring 2026 rated consumer confidence at -13, down from -1 in the previous quarter, based on a survey of more than 2,000 UK adults that took place last month after the Easter bank holiday.

Eight in 10 respondents said they planned to cut back spending over the next three months, while six in 10 under-45s said they were worried about their job security or prospects.

The decline in consumer sentiment was the sharpest since the beginning of the war in Ukraine and at its lowest level since September 2023, when the UK was last in recession.

PwC said the survey showed that every age group felt less financially healthy than in the previous quarter, with concerns around the cost of everyday things having risen across the board.

Jacqueline Windsor, UK head of retail at PwC UK said: “The fall in consumer sentiment gives retailers pause for thought. While the first quarter and first half of the year tend to be the low season for many, the prospect of a Golden Quarter with higher inflation will feel like the eye of the storm.

“Retailers will need to continue to position on value – ensuring they have a range of products for those who plan to trade down, as well as catering for those who are going to protect their spending in areas like fashion, health, and beauty.”