Home / Knowledge / News / Consumer confidence has fallen to record lows - BRC survey
Consumer confidence has fallen to record lows - BRC survey
07
Nov '08
Consumer confidence has fallen to new record lows, according to the latest consumer confidence survey from market research company Nielsen and the British Retail Consortium (BRC).

Eighty four per cent of people in Great Britain now believe the country is in recession, up from 65 per cent in May. Only 18 per cent think the country will be out of recession within a year.

The twice-yearly survey, published today (Monday), asks consumers their thoughts and feelings on job prospects, personal finances, spending intentions and major concerns.

The consumer confidence index for Great Britain has fallen from 79 points in May to 74 in the latest poll. For comparison, the index stood at 94 this time last year and peaked at 101 in spring 2006.

Sixty per cent of people in Great Britain think their own personal finances are 'not so good' or 'bad', 69 per cent of people said that now was 'not a good time' or a 'bad time' to buy the things they want or need and 70 per cent said they thought their job prospects were 'not so good' or 'bad'.

This latest dip in confidence is driven by an increase in the number of people becoming concerned about job prospects. In May, 14 per cent of respondents thought job prospects were 'bad' but in the latest poll almost a quarter (23 per cent) of respondents said job prospects in Great Britain will be 'bad' in the coming 12 months.

When asked about their major concerns, 39 per cent of Britons said that their biggest or second biggest concern was increasing utility bills. All of the top ranking concerns were in relation to the increasing cost of living, debt and the wider economy. Concerns over social issues such as immigration, health, crime and terrorism were not as prevalent.

The survey also highlights that the tourism and leisure industries are likely to be early victims of the economic downturn with a significant drop in people saying they will spend their discretionary income on holidays and going out.

This time last year 37 per cent of people said they would spend their spare cash on holidays; this has now fallen to 28 per cent. Likewise, 26 per cent of people said they would spend spare money on out-of-home entertainment last November with only 18 per cent of people saying this now.

Justin Sargent, Managing Director, Nielsen commented: “This survey reflects the pressures that shoppers have been feeling personally on a daily basis and highlights just how widespread concern is over the burden of increased bills and prices.

Add to that worries over debt and jobs and we see consumer confidence, unsurprisingly, hit new lows. With inflation and interest rates falling Nielsen expect consumers to regain some confidence, though caution will remain.”

Stephen Roberts, British Retail Consortium Director General said: “With only one in five people believing recession will be over this time next year, it's certainly going to be a tough Christmas and New Year. But there are reasons for optimism.

The Bank of England's shock rate cut should get the economy's heart beating again. Some key costs are falling, bringing shop prices down, and retailers are fighting back with promotions and price cuts. This can be good time to be a customer.”

British Retail Consortium


Must ReadView All

Indian govt approves special package for leather, footwear

Textiles | On 16th Dec 2017

Indian govt approves special package for leather, footwear

The Union Cabinet chaired by PM Narendra Modi has approved a special...

EU parliament resolution calls for Cambodia sanctions

Apparel/Garments | On 16th Dec 2017

EU parliament resolution calls for Cambodia sanctions

Following the ongoing crackdown in Cambodia on the opposition and...

Affordable prices to be hit if US pulls out of NAFTA: NRF

Apparel/Garments | On 16th Dec 2017

Affordable prices to be hit if US pulls out of NAFTA: NRF

US retailers’ ability to offer consumers quality products at...

Interviews View All

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search