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Retail

UK Consumer Confidence Hits Record Low In May: IGD

Consumer confidence in the UK declined to one of its lowest levels (-10) on record in May, according to the latest IGD Shopper Confidence Index.

However, it was the first time that the figure remained constant when compared with the previous months.

The expected financial confidence increased by two points to -23, with 47% of shoppers expecting to be worse off in the year ahead, down from 50% in April, data showed.

The study attributed the easing of lockdown and good weather as potential factors preventing a further drop in consumer confidence.

It also cautioned of a bigger impact on shopper confidence in the future due to COVID-19.

The index also revealed that confidence in the food and consumer goods industry touched a seven-year high.

Director of Global Insight at IGD, Simon Wainwright, commented, “Despite the low level of overall confidence, it is encouraging that trust in the food and consumer goods industry remains high, suggesting that shoppers are increasingly appreciating the work of the sector throughout the pandemic.”

Impact On Various Shopper Groups

In terms of regions, London witnessed the highest increase in consumer confidence, while Scottish shoppers emerged as the least confident.

The increase in confidence among consumers in London follows a steep decline in COVID-19 related hospital admissions in May, the study noted.

Shoppers aged between 45-64 were found to be the least confident, reflecting concerns about the impact of the pandemic on their health and economic prospects.

Wainwright added, “Retailers need to keep an eye on how the pandemic is impacting different shopper groups.

“This pace of change is going to make it harder to create any long, or even medium-term, category plans. Keeping on the pulse of how shoppers are feeling has never been so vital.”

© 2020 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.

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