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

“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.”
– Jessica Morley, Financial Services Analyst

This report looks at the following areas:

  • The pace of change is slow, but steady
  • Financial health is subjective

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Table of contents

  1. 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

                    Companies Covered

                    To learn more about the companies covered in this report please contact us.

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

                    £995.00 (Excl.Tax)