More than a third (34%) of people in Britain feel that they are financially better off now than five years ago, according to Nielsen's new report on changing consumer prosperity.
This indicates that the British are more optimistic about their present financial wellbeing compared with other European counterparts, despite the uncertainties surrounding Brexit.
However, only 16% of the respondents said that they could spend freely, while many opined that they were feeling the pressure of rising living costs.
Impact On Buying Behaviour
It is reflecting on their buying behaviour, with consumers opting to spend more on ‘essential’ items.
The study found that 36% of consumers were spending more on groceries now than five years ago.
Cautious Spending
British consumers are spending cautiously on discretionary activities, with 31% of respondents cutting costs in dining out.
Another 30% have reduced their expenses on entertainment and leisure activities, while 29% are spending less on travel.
The data makes it evident that British consumers are becoming more aware and careful about how they choose to spend their money, the report said.
Rest Of Europe
European countries that scored lower than Britain on consumer financial wellbeing include France (27%), Belgium (28%) and Italy (17%).
Ireland scored significantly higher for financial wellbeing than the European average of 37%, with 44% of Irish consumers feeling better off than five years ago.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.
