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Consumers and the Economic Outlook: Quarterly Update - UK - August 2015

Published By :

Mintel

Published Date : Aug 2015

Category :

Lifestyle

No. of Pages : N/A


The generally positive outlook of the economic climate, and the benefits that are gradually being witnessed at the individual level, means that the people of Britain are finally regaining their confidence. For the first time since the economic downturn, Mintel’s data shows that more people feel better off compared to a year ago than feel worse off, and planned spend reflects people’s growing confidence.

However, the scars left by the crisis run deep and caution still prevails. Even those who consider themselves financially healthy are still more likely to add to their savings than to indulge in material purchases. As such, gains in confidence and resultant changes in behaviour will be gradual and phased rather than dramatic shifts.

Key Findings

The pace of change is slow, but steady
Financial health is subjective
Key economic indicators
Figure 1: Key Economic Indicators, August 2015

Current Financial Situation

A cautiously positive outlook
Long-lasting effects
Figure 2: “How would you generally describe your financial situation at the moment?” July 2015
The Goldilocks economy
Figure 3: The wellbeing index, 2009-2015
The financially healthy consumer

Changes in Financial Wellbeing

Consumers more likely to be better off than worse off
Figure 4: “How would you describe your finances compared to a year ago?”, July 2015
The generation gap
Figure 5: The recovery index, 2011-2015
Improvements not necessary for financial wellbeing
Figure 6: “How would you describe your finances compared to a year ago?”, by “How would you generally describe your financial situation at the moment?” July 2015, July 2015

Financial Confidence

Majority remain concerned
Figure 7: “And how do you feel about your financial situation over the next year or so?”, July 2015
The uncertain middle
A post-election return to confidence
Figure 8: The financial confidence index, 2009-2015
Caution prevails
Figure 9: “And how do you feel about your financial situation over the next year or so?”, by “How would you generally describe your financial situation at the moment?”, July 2015

Spending Plans

Returning confidence is beginning to influence spend
Figure 10: “Thinking about how you spend your money, which of the following have you done over the last three months? And which do you plan to do over the next three months?”, July 2015
Higher spending power doesn’t always equate to indulgence
Planned spend poised to overtake past spend
Figure 11: The spending index, 2012-2015
The luxury of savings
Figure 12: “Thinking about how you spend your money, which of the following have you done over the last 3 months? And which do you plan to do over the next 3 months?”, by “my current financial situation is healthy”, July 2015
Figure 13: “Where do you choose to spend your extra money (once all your bills are paid and you have bought all of the things you really need)?,” by “my current financial situation is healthy,” July 2015
What It Means

Legacy insecurities are slowing the pace of change

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