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Consumers and the Economic Outlook - Quarterly Update - UK - June 2018

“The increase in confidence that we discussed in Consumers and the Economic Outlook – UK – March 2018 clearly wasn’t a one-off. Our confidence data has been running for almost a decade now, and people’s assessments, both of their current financial situation and how they expect their finances to shape up over the coming year, are close to the highest levels we’ve ever seen. The contrast between this positivity and the broader concerns over the heath of the economy as a whole is as good an example as any of people’s tendency to focus on their own financial situation over big-picture economic news.”
– Toby Clark, Director of Research EMEA

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Table of contents

  1. Key Findings

      • Confidence starts at home
        • Real wages are finally moving in the right direction
          • Not everyone is prospering
            • Spending plans reflect consumers’ confidence
              • Key economic indicators
                • Figure 1: Key economic indicators, June 2018
            • Current Financial Situation

              • What you need to know
                • Financial well-being is back to pre-election levels
                  • Figure 2: “How would you generally describe your financial situation at the moment?”, May 2018
                  • Figure 3: The financial well-being index, January 2015-May 2018
                • Generation X are feeling the pressure
                  • Figure 4: Financial well-being, by generation, May 2018
              • Changes in Financial Situation

                • What you need to know
                  • The improvement in finances has slowed – but people are still in positive territory
                    • Figure 5: “How would you describe your finances compared to a year ago?”, May 2018
                  • An end to falling living standards?
                    • Figure 6: Changes in household finances, January 2015-May 2018
                  • Inflation is still a threat to older generations
                  • Financial Confidence

                    • What you need to know
                      • Consumers are optimistic about what the coming year will bring
                          • Figure 7: “And how do you feel about your financial situation over the next year or so?”, May 2018
                        • Mintel’s confidence index is at its highest point
                          • Figure 8: The financial confidence index, January 2015-May 2018
                        • Higher earners think that they are insulated from economic uncertainty…
                          • …as do retirees
                          • Planned Financial and Spending Activity

                            • What you need to know
                              • Saving intentions take a hit
                                • Figure 9: “Thinking about how you spend your money, which of the following have you done over the last three months? And which of you plan to do over the next three months?”, May 2018
                              • Year-on-year spending plans are up
                                • Figure 10: The financial activity index, June 2012-May 2018
                              • Higher earners and Younger Millennials are still the main engines of consumer spending

                              Consumers and the Economic Outlook - Quarterly Update - UK - June 2018

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