Consumer confidence hasn’t recovered since Brexit vote, Barclays finds

Consumer confidence reached its highest point in the past 10 years in September 2016, at 48%, just after the Brexit referendum, according to Barclays’ “10 Years of Spend” report.

Barclays has been tracking consumer confidence monthly since 2015 and also surveyed 2000 people in the UK for the report, which found that confidence reached its lowest point in October 2022, at 15%, following Liz Truss’ ill-fated ‘mini-budget’.

As a result, two-thirds of Brits (66%) now pay closer attention to their budgets than a decade ago, and 45% say they don’t feel better off than they did 10 years ago.

The report found that confidence in non-essential spending has held strong, at an average of 53% from 2015 to now, and standing at 56% in May 2025. A quarter of respondents said they prioritise fun and making memories, and find value in experiences over material goods.

Spending on at-home experiences has also surged 47.5% since the first COVID-19 lockdown, with Brits now spending an average of £50.60 per month on streaming services.

Karen Johnson, head of retail at Barclays, said: “Ten years’ worth of analysis tells us that while confidence in the UK economy has declined, UK households’ confidence in their ability to manage their money has remained strong, translating into the impressive performance of categories such as travel, entertainment and beauty.

“The last decade has brought unprecedented levels of disruption. Amid all the highs and lows – from rising bills, job insecurity and a fluctuating global and national economy. It is encouraging to see that through purposeful spending, consumers continue to prioritise the things that bring them joy, unlocking the potential for UK economic growth.”

Jack Meaning, chief UK economist at Barclays, added: “We often get caught up in analysing the current moment, especially in light of the major economic shocks and gyrations of recent months. However, this report reminds us of the importance of taking a step back, providing a view of the bigger picture over the last decade.

“Recent trade developments are not the only headwind that UK consumers have weathered recently. The global outlook remains weak, uncertainty continues, and expectations for the year ahead are muted. But this data shows that consumers and their spending patterns have always evolved in response to macro shocks, and will likely do so again.”