Consumer Sentiment Monitor shows positive consumer behaviours – Housewares

BIRA has said that the recent Consumer Sentiment Monitor released by the British Retail Consortium has shown some positives. The report, released in March by the BRC asks consumers about their shopping behaviours, financial status and attitudes.

The insight has a focus on market intelligence, monitors and benchmarks. Compiled in partnership with Opinium, the BRC Consumer Sentiment Monitor looks at consumer perceptions on the state of the economy, personal finances, spending and saving expectations, and their engagement in sustainability behaviours.

The results for March 2024 reveal:

• Over half of UK consumers expect the UK economy to either stay the same or improve over the next 3 months.
• The vast majority of consumers (79%), describe their financial situation as either comfortable or say they are coping, compared with 19% who say they are struggling.
• Just under half (48%) have some consumer debt, with Millennials being the most likely group to say they have debt (63%).
• 29% of consumers expect to spend more over the next 3 months, while 1 in 5 expect to save more money.
• Non-essential spending priorities over the next 3 months are dining out, leisure travel and home improvements.
• 85% of consumers are engaging in some type of sustainable actions, with 1 in 5 having bought second-hand or refurbished goods.

Andrew Goodacre, BIRA CEO, said: “There are signs of more positive consumer behaviour and retailers need to continue to focus their efforts to ensuring that they are the shop of choice for the customers. The report lo shows the importance of sustainability to customers. Other research suggests that consumers want to shop in businesses that are run sustainably, even if the products being sold are not.”