Latest news with #ConsumerInsights
Fashion Network
5 days ago
- Business
- Fashion Network
UK consumer confidence on hold in July could signal deeper concerns ahead
On the surface, there appears nothing to get excited about here. July's consumer confidence dipped one point to -19 while figures from GfK's wider long-running Index showed two measures were down, one was up and two were unchanged in comparison to last month's announcement. The holding pattern appears to reflect consumers 'are in a cautious wait-and-see mood', according to GfK's Consumer Insights director Neil Bellamy. But wait. He also added that 'some people may be sensing stormy conditions ahead', based on speculation growing over possible tax rises in the Autumn Budget, and price pressure contributing not just to higher inflation already but also to the likelihood of worse inflation to come… 'the news is worrying,' he said. And the importance here is that movement within its Savings Index was 'significant' this month 'because it does indeed suggest people are anxious'. It jumped seven points to +34 to reach the highest level since November 2007, revealing that those people who can put money aside 'are building contingency funds'. The index measuring changes in personal finances during the last year remained unchanged at -7, one point better than July 2024 and the forecast for personal finances over the next 12 months is also unchanged at +2, one point worse than this time last year. The measure for the general economic situation of the country during the last 12 months is down one point to -44, some 12 points worse than last July, and expectations for the general economic situation over the next 12 months dipped one point to -29, some18 points worse than July 2024. The Major Purchase Index is also up one point at -15, one point higher than this month last year.
Fashion Network
6 days ago
- Business
- Fashion Network
UK consumer confidence on hold in July could signal deeper concerns ahead
On the surface, there appears nothing to get excited about here. July's consumer confidence dipped one point to -19 while figures from GfK's wider long-running Index showed two measures were down, one was up and two were unchanged in comparison to last month's announcement. The holding pattern appears to reflect consumers 'are in a cautious wait-and-see mood', according to GfK's Consumer Insights director Neil Bellamy. But wait. He also added that 'some people may be sensing stormy conditions ahead', based on speculation growing over possible tax rises in the Autumn Budget, and price pressure contributing not just to higher inflation already but also to the likelihood of worse inflation to come… 'the news is worrying,' he said. And the importance here is that movement within its Savings Index was 'significant' this month 'because it does indeed suggest people are anxious'. It jumped seven points to +34 to reach the highest level since November 2007, revealing that those people who can put money aside 'are building contingency funds'. The index measuring changes in personal finances during the last year remained unchanged at -7, one point better than July 2024 and the forecast for personal finances over the next 12 months is also unchanged at +2, one point worse than this time last year. The measure for the general economic situation of the country during the last 12 months is down one point to -44, some 12 points worse than last July, and expectations for the general economic situation over the next 12 months dipped one point to -29, some18 points worse than July 2024. The Major Purchase Index is also up one point at -15, one point higher than this month last year.
The Independent
6 days ago
- Business
- The Independent
Consumer confidence weakens among Britons amid tax rise fears
Consumer confidence weakened slightly in July amid concerns from shoppers that they could face potential future tax rises, according to new figures. GfK's long-running Consumer Confidence Index dropped one point to remain in firmly negative territory at -19 points. Researchers suggested the figures showed that consumers are currently 'sensing stormy conditions ahead' amid wider uncertainty in the economy. The drop was shallower than expected by economists, who had predicted a reading of -20 for the month. The research found that its measure from consumers' view of the general economic situation for the country over the past year dropped one point to -44. Expectations for the general economic situation over the next 12 months also decreased by one point for the month. Meanwhile, the index for consumers' views on their personal finances remained steady but was still in negative territory. Nevertheless, there was a rise in the study's savings measure and people continued to seek to benefit from elevated interest rates. Neil Bellamy, consumer insights director at GfK, said: 'The key measures on personal finances, the economy and purchase intentions are flat in July, and many will conclude that consumers are in a cautious wait-and-see mood. 'But the data suggests that some people may be sensing stormy conditions ahead. 'With speculation growing over possible tax rises in the autumn budget, and price pressure contributing not just to higher inflation already but also to the likelihood of worse inflation to come, the news is worrying.' It came as figures from the Office for National Statistics (ONS) showed that retail sales bounced back 0.9% last month as record hot weather boosted sales of food and drink.
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Business Standard
02-07-2025
- Business
- Business Standard
Gen Z defies 'sober generation' label, alcohol consumption picking up
For years, Gen Z has been known for embracing sobriety or drinking in moderation. But a new survey suggests that trend may be shifting. According to recent findings by the IWSR, a global firm that tracks beverage alcohol trends, Gen Z are showing renewed interest in drinking. The study surveyed more than 26,000 people across 15 global markets, including India. It highlights that Gen Z legal drinking age (LDA+) consumers are now engaging with alcohol at rates approaching those of older generations. It found that the proportion of Gen Z adults who reported consuming alcohol in the past six months rose from 66 per cent in March 2023 to 73 per cent in March 2025. While still slightly below the 78 per cent participation rate of all adults, Gen Z's consumption behaviour now mirrors that of previous generations more closely than before. India, in particular, stands out as a key market, where younger drinkers are not only participating but also influencing the wider industry with their preferences. But why were they drinking 'less'? Richard Halstead, Chief Operating Officer of Consumer Insights at IWSR, said that the less drinking could have been due to the 'cost-of-living' crisis. 'We know that beverage alcohol consumption correlates with disposable income, and Gen Z came of age during a cost-of-living crisis. Rising prices have been especially acute in bars and restaurants – places that appeal most to Gen Z drinkers,' Halstead. 'With every year that passes, more Gen Z consumers are entering the workforce, and those already in the workforce are typically earning more. I think we should expect that, as their incomes rise, they will drink more often – just as millennials did before them,' he said. India bucks global alcohol slowdown While much of the global alcohol industry faces cyclical declines, India remains one of the few bright spots, with Gen Z playing a significant role. 'India remains the only market with all three indicators – consumer sentiment, recalled volume and recalled spend – in positive territory, as upper-middle-class consumers continue to drink and spend more,' Halstead said. 'The clearest signs of robust growth come from India and Brazil: India is continuing to power ahead, with that momentum set to continue and younger drinkers to the fore,' the survey mentioned. Cyclical dip, not structural decline It further suggests that the current downturn in consumption is temporary rather than permanent — and that generational change is not to blame. 'According to this evidence, much of the recent decline is cyclical, not structural – and is definitely not the 'fault' of Gen Z,' Halstead said. The Bevtrac survey also highlights that Gen Z drinkers are more experimental in their approach to alcohol. On average, Gen Z drinkers consumed over five beverage categories in the past six months, compared to just over four among Boomers. They are also more likely to favour spirits and visit bars, restaurants or clubs for their last drinking occasion.
Fashion Network
20-06-2025
- Business
- Fashion Network
UK consumer confidence may have inched up in June but concerns linger over inflation
UK consumers are feeling slightly better about the economy in June, although confidence is still fragile and concerns linger about the contents of their wallets. That's the overview from data company GfK with its long-running Consumer Confidence Index increasing by two points to -18 this month. Another two of its measures were up and three were unchanged compared to last month's announcement. The index measuring changes in personal finances during the last year is unchanged at -7, three points better than June 2024, while the forecast for personal finances over the next 12 months is also unchanged at +2, two points worse than this time last year. The measure for the general economic situation of the country during the last 12 months is up three points to -43;, some 11 points worse than last June and expectations for the general economic situation over the next 12 months rose five points to -28, but still 17 points worse than June 2024. The Major Purchase Index remains unchanged at -16, seven points better than this month last year, while the Savings Index dropped a further point to +27 in June, five points better than this time last year. Neil Bellamy, Consumer Insights director at GfK, noted that overall confidence 'remains fragile … because the dark shadow of inflation is a day-to-day challenge for so many of us. 'With petrol prices set to rise in the coming weeks following the escalation of the conflict in the Middle East, and with ongoing uncertainty as to the full impact of tariffs, there is still much that could negatively impact consumers. With so much volatility, now is certainly not the time to hope for the proverbial 'light at the end of the tunnel'.'
