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

(left to right) Rohit Munjal, Ashok  Shah, Rahul Mehta, Premal Udani, Rajesh Masand and Jayesh  Shah

Textiles | On 28th Jun 2017

CMAI to host 822 exhibitors at 65th National Garment Fair

The Clothing Manufacturers Association of India (CMAI) will host over ...

Textiles | On 27th Jun 2017

Govt defers tax deduction at source provision under GST

E-commerce players in India will not be required to deduct tax on...

Apparel/Garments | On 27th Jun 2017

Future Group aims Rs 12,000 crore in fashion business

Future Group, which runs retail stores across India under various...

Interviews View All

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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

news category


Related Categories:
July 2017

July 2017

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

SUBSCRIBE


Browse Our Archives

GO


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