UK Economic Outlook: Consumer Spends & Trends

We followed up our quarterly US spending survey with a similar survey of over 1,200 consumers in the UK gauging spending trends, financial goals, and the UK economic outlook. With 2023 well underway, what are the prevailing perceptions around personal financial status and the UK economy as a whole? Our free eBook has these answers and more!

UK Economic Outlook: Micro vs. Macro

From an individual perspective, the majority anticipates their household’s financial situation over the next 12 months will stay comparable or improve (64%). 

Looking at the economy from a wider lens, some trepidation emerges. More British consumers think the overall state of the UK economy will get worse than better over the next 12 months.

What Are People Buying vs. Scaling Back On?

When asked the expected spend on various categories in the next three months compared to how consumers spent a year ago, our eBook identifies the key categories where spend is likely to increase (which includes health & wellness products), along with the spending categories that are deemed lower priority expenses these days (such as jewelry and office supplies). 

Generationally, Gen Z & Millennials are more apt than Gen X & Boomers to indicate they’ll be opting to spend money on things that “make me/my family happy.”

Financial Goals & Confidence in Achieving Them

Top financial goals are broadly similar regardless of age and income, although those with higher household incomes are more likely to express confidence in actually achieving their financial goals this year. Of notable generational differences, Gen Z & Millennials are more apt to strive to get a raise or higher paying job and/or try to land a second job/ “side hustle.”

For a detailed glimpse into consumer spends & trends in the UK for the rest of the year, download our 2023 UK Consumer Spending Forecast eBook.