2021
9
UK Consumers and the Economic Outlook – Spring 2021
2021-05-06T04:02:34+01:00
OX1049013
2195
151029
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Report
en_GB
“Despite the continuing upheaval caused by COVID-19, financial wellbeing and financial confidence both hit new index highs in April 2021, while planned financial activity for the next three months approached…

UK Consumers and the Economic Outlook – Spring 2021

£ 2,195 (Excl.Tax)

Report Summary

“Despite the continuing upheaval caused by COVID-19, financial wellbeing and financial confidence both hit new index highs in April 2021, while planned financial activity for the next three months approached pre-pandemic levels in May, driven by increased interest in leisure and hospitality.
While there are growing signs of polarisation and widening inequality, most consumers are doing well. The roadmap out of lockdown and the fact the government has stuck to its intended dates for easing restrictions so far has boosted confidence, which will fuel rises in spending across retail, beauty and personal care, leisure and hospitality categories in the coming months.”
– Rich Shepherd, Associate Director – Financial Services

This Report covers the following areas:

  • Key Findings
  • Consumers’ Response to the EU Referendum Result
  • Current Financial Situation
  • Changes in Financial Situation
  • Financial Confidence
  • Planned Financial and Spending Activity

Table of Contents

  1. Key Findings

      • Real GDP remains 8.7% below pre-pandemic levels after 1.5% fall in Q1
        • The roadmap out of lockdown brought clarity and confidence has soared
          • Savings have boomed again but consumers are ready to spend
            • Key economic indicators
              • Figure 1: Key economic indicators, May 2021
          • Consumers’ Response to the EU Referendum Result

            • What you need to know
              • A remarkable rise in positivity over Brexit
                  • Figure 2: Level of concern over the impact of the EU referendum, July 2016-May 2021
                • Four in 10 now predict a Brexit dividend for the economy
                    • Figure 3: Consumer views on the impact of the EU referendum, May 2021
                  • Prices and unemployment still raise concerns
                  • Current Financial Situation

                    • What you need to know
                      • Financial wellbeing continues to rise
                        • Figure 4: The financial wellbeing index, January 2015-May 2021
                      • 80% describe their finances as healthy or OK…
                        • Figure 5: “How would you generally describe your financial situation at the moment?”, May 2021
                      • … but unskilled workers are missing out
                        • Figure 6: Current financial situation, by socioeconomic group, May 2020 vs May 2021
                    • Changes in Financial Situation

                      • What you need to know
                        • Assessment of changes in finances returns to pre-COVID levels
                          • Figure 7: Changes in household finances, January 2015-May 2021
                        • Consumers are feeling better off again
                          • Figure 8: “How does your own financial situation compare to how it was a year or so ago?”, May 2021
                        • Almost half of higher earners feel that their finances have improved
                          • Figure 9: Changes in household finances, by household income, May 2021
                      • Financial Confidence

                        • What you need to know
                          • Confidence reached an all-time high in April…
                            • Figure 10: The financial confidence index, January 2015-May 2021
                          • … while more people than ever were pretty confident in May
                            • Figure 11: “And how do you feel about your financial situation over the next year or so?”, May 2021
                          • Gen Z most likely to be worried about the year ahead
                            • Figure 12: Financial confidence for the year ahead, by generation, May 2021
                        • Planned Financial and Spending Activity

                          • What you need to know
                            • Planned financial activity at a post-COVID high as lockdown is eased
                              • Figure 13: The financial activity index, January 2015-May 2021
                            • Travel bookings rise with the reopening of the tourism sector
                              • Figure 14: “Which of the following have you done over the last 3 months? And which do you plan to do over the next 3 months?”, May 2021
                            • Lifting lockdown immediately benefited retailers; leisure and hospitality are next
                              • Figure 15: Actual and planned financial activity relating to leisure and hospitality, by age, May 2021

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