Record lows in confidence start to abate.
Results from the latest UK Consumer Compass show that overall consumer confidence has risen by 5 points since Q3 2022. Confidence with Millennials (aged 25-34) and Londoners have improved the most, seeing gains of 15 and 12 points respectively.
This improvement has been led by several areas – levels of disposable income have increased slightly, and so has confidence in both financial situations and the general outlook for the economy.
Whilst confidence levels remain historically low, and one in three (32%) of consumers still say they have less disposable income (compared to only 14% 12 months ago), the results do suggest that we are on the road to recovery.
Whilst there is still a long way to go before we can say that we are looking at the cost-of-living crisis in the rear-view mirror, we still feel there are opportunities for forward-thinking brands.
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