March sees ‘record low’ consumer confidence
In the latest BRC Consumer Sentiment Monitor, consumer expectations about the state of the economy over the next three months worsened to -53 in March, down from -30 in February.
The BRC and Opinium said the score covering the state of the economy was the lowest they had ever recorded in the monitor.
Consumer expectations about the performance of their personal financial situation over the next three months also hit a record low, BRC and Opinium said, down to -17 in March from -6 in February.
However, personal spending on retail rose two points to a positive score of two, while personal spending in March was up from six points to 13.
Personal saving levels fell to -8 in March from a score of nought in February.
Fieldwork for the poll was carried out between 10th and 13th March and covered a sample of 2,000 UK adults.
James Endersby, chief executive at Opinium, said: “The March wave of our Opinium/British Retail Consortium Consumer Confidence Monitor shows just how quickly consumer sentiment can shift when uncertainty rises.
“People feel worse off, yet expect to spend more, not out of confidence, but because they are trying to stay ahead of rapidly rising costs. Moments like this demand deeper understanding, not surface‑level readings. Insight into how and why consumers are adapting is essential for making sound decisions in a fast‑changing economy.”
Helen Dickinson, chief executive at the BRC, said: “The current conflict has created a great deal of uncertainty in the economy. Inflation is expected to rise in the coming months. Just as the economy was beginning to turn a corner on inflation, the rise in global energy prices is particularly unwelcome for businesses and families.
“It is now vitally important that government policy does not exacerbate the situation, and bringing down the cost of living must be a top priority. From new employment laws to rising packaging taxes, government must focus on how it can minimise unnecessary costs to retailers, thereby helping protect ordinary households from the rising cost of living.”
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