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Economy

Consumer confidence falls with Covid restrictions

Consumer confidence in the UK has dropped significantly with the introduction of further pandemic restrictions, according to new data from PwC.

Recent measures to combat the spread of Covid-19 have seen consumer sentiment fall from -1 in to -10 in October.

This is the sharpest decline since the initial lockdown in March, with the survey of 2,000 British adults showing a consistent opinion across every region in the UK.

Lisa Hooker, consumer markets lead at PwC, said: “The latest restrictions across the UK have shown how fragile consumer sentiment is despite what was a promising bounceback in the summer. 

“Lockdowns and restrictions clearly impact the public mood, especially amongst young adults, who have been the most impacted financially and are most uncertain of what is to come.”

She added: “However, we know from our previous surveys how resilient consumer sentiment is. We’re likely to see a rebound, particularly for the younger demographic, in the run up to Christmas as they respond positively to announcements around successful vaccines, mass testing and for many returning home from university for the festive period.

“If this is the case then retailers must hold their nerve and prepare for a late shopping surge. So, provided lockdown is lifted on December 3rd, there may be some better news to come for the sector.”

 

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