Published
February 20, 2025
When Gen Z gets the jitters, it’s a signal things could be bad. Following a steady stream of negative messaages at home and abroad, UK consumer sentiment’s taken a bit of a battering, especially those aged 18-27 and women more than men.
That’s because overall consumer confidence worsened to a reading of -37 in February, down from -34 in January. It was the fifth consecutive month in which expectations have worsened, according to British Retail Consortium-Opinium data. Oh, and the reading’s fallen almost 40pts since last July.
Helen Dickinson, chief executive of the BRC, said: “Even Gen Z, the most upbeat generation on the economy and their own finances, saw a drop off in optimism.”
And she noted there was also a widening gender divide in confidence this month, with women more pessimistic than men about both the economy and their own finances, by 13pts and 17pts, respectively.
“With many businesses warning of the impact that April’s employer NIC’s increase will have on hiring, and the rising energy price cap pushing up the cost of domestic bills, it is little surprise that many households are worried.”
And while there was at least a positive increase in expectations of personal retail spending, rising to -5 in February from -9 in January, “this may be largely driven by the expectations of higher prices in the future,” she warned.
Other BRC data was mostly downbeat with consumer personal financial situation dropping to -11 in February, down from -4 in January. Personal spending and personal saving both remained flat (+4 in and -3, respectively), the same as in January.
Dickinson added: “Expectations of higher prices are not unfounded, with two-thirds of retailers saying prices will have to rise as a result of the £7 billion in additional costs, including higher employer NICs [National Insurance Contributions] and a new packaging levy.
“Almost half of retailers also warned of hiring freezes, with entry-level jobs often among the first to go as they seek any cost efficiencies to help them protect customers from the worst of the rising costs.”
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