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CONSUMERS AND THE ECONOMIC OUTLOOK - QUARTERLY UPDATE - UK - AUGUST 2018

Published By :

Mintel

Published Date : Aug 2018

Category :

Banking

No. of Pages : N/A

Consumers continue to worry about the impact Brexit will have on the UK economy. But people are still focussing much more on their own financial situations, which are currently in a pretty healthy state. The base rate rise will make it harder for some, but the general outlook is positive as long as employment figures stay strong.

Table of contents
KEY FINDINGS
Things aren’t looking good on the Brexit front…
…but people are still feeling pretty positive about themselves
A mixed result for the high street
Key economic indicators
Figure 1: Key economic indicators, August 2018
CONSUMERS’ RESPONSE TO THE EU REFERENDUM RESULT
What you need to know
Worries over Brexit have grown in 2018
Figure 2: Level of concern over the impact of the EU referendum, July 2016-July 2018
The cost of living continues to be the biggest cause for concern
Figure 3: Consumer views on the impact of the EU referendum on the UK economy, July 2018
Personal circumstances are key
Figure 4: Consumer views on the impact of the EU referendum on the UK economy, personal factors, by current financial situation, July 2018
CURRENT FINANCIAL SITUATION
What you need to know
Most people are getting by
Figure 5: “How would you generally describe your financial situation at the moment?”, July 2018
Sentiment has slipped, but is still historically high
Figure 6: The financial well-being index, January 2015-July 2018
Half of lower-earners are hard-up
Figure 7: Current financial situation, by annual household income, July 2018
CHANGES IN FINANCIAL SITUATION
What you need to know
A mix of fortunes…
Figure 8: “How would you describe your finances compared to a year ago?”, July 2018
…but household finances are generally improving
Figure 9: Changes in household finances, January 2015-July 2018
City-dwellers surging ahead
Figure 10: Changes in household finances, by area where people live, July 2018
Half of households earning £75,000 or more are better off
FINANCIAL CONFIDENCE
What you need to know
The vast majority are looking forward with optimism…
…and the August interest rate rise is unlikely to significantly shift sentiment
Figure 11: “And how do you feel about your financial situation over the next year?”, July 2018
Sentiment has stabilised at record levels
Figure 12: The financial confidence index, January 2015-July 2018
Brexit blues dampen confidence, but only so far
Figure 13: Financial confidence, by consumer views on the impact of the EU referendum on personal and macroeconomic factors, July 2018
PLANNED FINANCIAL AND SPENDING ACTIVITY
What you need to know
Financial activity reached a four-year high in June
Figure 14: The financial activity index, January 2015-July 2018
Planned saving remains low
Figure 15: “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 2018
Under-45s much more likely to be active in the next three months
Figure 16: Planned financial activity in the next three months, by age, July 2018

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