Confidence among Millennials fell dramatically this month, as their expectations for both the economy and their own finances fell by double digits.
According to BRC-Opinium data, consumer expectations over the next three months show the state of the economy worsened to -36 in September, down from -32 in August.
Their personal financial situation slightly worsened to -7 in September, down from -6 in August. Their personal spending on retail rose slightly to +5 in September, up from +4 in August.
Their personal spending overall fell slightly to +14 in September, down from +16 in August. Their personal saving fell to 0 in August, down from +2 in September.
Within the categories, consumer expectations over the same period for spending on home and garden furniture are down -13%, widening from -11% the previous month, while DIY and home improvements were flat at 0%, improving from -2%.
Helen Dickinson, Chief Executive of the British Retail Consortium, said: “Millennials also cut spending expectations for the months ahead, though this was largely offset by improvements for Gen Z, who remain the most optimistic. Worries about the Budget, combined with the increase in the cost of living, have eroded confidence, with little sign that inflation will come down soon.
“Inflation is now one of the biggest concerns among the public, with food inflation expected to rise to 6% by the end of the year. All eyes are now firmly locked on the 26 November, and what the Chancellor will announce.
“The Government can help mitigate inflation, improve the cost of living, and raise consumer confidence, by ensuring the upcoming business rates reforms offer a meaningful reduction to retail business rates, while ensuring no shop pays more as a result.”
