There was little shift in consumer confidence since the Chancellor’s Budget, with many worried about the economy in the lead up to Christmas.

According to the latest BRC-Opinium Consumer Sentiment Monitor for November 2024, consumer expectations over the next three months of their:

• Personal financial situation improved slightly to -3 in November, up from -4 in October.
• State of the economy worsened slightly to -19 in November, down from -17 in October.
• Personal spending on retail rose slightly to +3 in November, up from +2 in October.
• Personal spending overall remained at +17 in November, the same as in October.
• Personal saving remained at -9 in November, the same as in October.

Helen Dickinson, Chief Executive of the British Retail Consortium, said: “While there was a very slight improvement in people’s expectations of their personal financial situation, this was offset by declining expectations of the wider economy. Personal retail spending remained positive, edging up slightly, though this was to be expected as consumers prepare for the festive season.

“Within this, non-food spending expectations remained low, though expectations of spending on eating out improved the most out of all categories, as people prepare for Christmas catchups with friends and relatives.

“The last month clearly did little to shift the dial for households either positively or negatively, however, the same cannot be said for the retail industry. With over £7bn in additional costs in 2025 resulting from the Budget, retailers will have little choice but to raise prices or reduce investment in jobs and shops. To mitigate this, government must ensure that changes to the business rates system, planned for 2026, bring about a meaningful reduction in bills for all retailers.”