Consumers and the Economic Outlook: Quarterly Update - UK - April 2015
“Economic improvements are finally beginning to be felt at the consumer level. Falling prices of essentials and rising wages are helping incomes go further and there are indications that people are beginning to relax their budgets and spend on items and experiences that have been out of reach during the years of austerity.
However, lessons learned mean that people are still cautious with savings safety nets still being important and concern about future prospects still being common. As this is likely being exacerbated by uncertainty related to the election it is plausible to expect caution to abate slightly once the results have been announced, but it will take time before consumers feel completely comfortable in their new found freedom.”
– Jessica Morley, Financial Services Analyst
This report discusses the following key issues:
- Improvements at the household level leave consumers cautiously optimistic
- The Capital continues to be predominantly responsible for consumer spend
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